Budget 2024 Highlights: Income Tax Announcements
- Income-tax slab rates changed for the lower slabs, for the new simplified income tax regime
- Standard deduction, for taxpayers opting for the new tax regime, at Rs 75,000, up from Rs 50,000 earlier
- NPS Vaatsalya for minor children announced in Budget 2024. Where parents can invest on behalf of their kids. Upon attaining majority, this can be converted to regular NPS
- Deduction on employers’ contribution to private sector employees’ NPS has been hiked to 14%, up from 10% earlier. Only for the new income-tax regime. •Limit of STCG tax hiked to 20%, LTCG raised from 10% to 12.5%
- Long-term capital gains income up to Rs 1.25 lakh exempt from tax
- Holding period of capital gains tax streamlined: All listed financial assets held for more than a year: long-term. All unlisted financial and non-financial asserts held for more than 2 years: long-term.
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