Budget 2024, Key Takeaways on  Direct Tax Proposal

The FM announced the Final budget on 23rd July 2024. She stated that this year's budget is focused on employment, skilling, MSME and the middle class, also many reforms under direct taxes and indirect taxes in the Budget

Priority of the budget 2024 were as follows:

1. Productivity and resilience      in agriculture 2. Employment and Skilling 3. Inclusive Human      Resource Development and     Social Justice 4. Manufacturing and Services 5. Urban Development 6. Energy Security 7. Infrastructure 8. Innovation, Research and Development 9. Next Generation Reforms

Direct Tax Proposal

Enhanced Limit of Standard Deduction and Family Pension Deduction Under New Regime

Direct Tax Proposal

Under the new regime the standard deduction for salaried individuals has been increased to Rs. 75,000 from Rs. 50,000 Similarly, a deduction on family pension for persons having pension income has been increased to Rs. 25,000 from Rs. 15,000 if they file taxes under the new Regime

Direct Tax Proposal

Changes in Tax Structure

Note: As a result of the above changes, a salaried employee in the new tax regime can save up to Rs 17,500 per annum in taxes

Employment and Investment

Note: Angel Tax is a tax levied on companies that issue fresh shares to investors at a price above the company's Fair Market Value.

From Financekaaksha.com