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This year’s budget emphasized particularly on Employment, Skilling, MSMEs, and the Middle Class.
- Budget is presented as per Article 112 of the Constitution, formally known as ‘Annual Financial Statement’.
Key Highlights
- Prime Minister’s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.
- Rationalization of Custom Duties on various sectors to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation.
- Revision of tax rate structure under new tax regime.
- TDS rate reduced on some payments and e commerce operators.
- Short term gains and Long term gains on financial assets to attract a tax rate of 20% and 12.5%, respectively.
- Exemption limit of capital gains on certain financial assets increased to ₹ 1.25 lakh per year.
- Vivad Se Vishwas Scheme, 2024 proposed for resolution of income tax disputes.
- Corporate tax rate on foreign companies reduced from 40 to 35 %
- Security Transactions Tax on futures and options of securities increased.
- Equalization levy of 2% withdrawn.
- Immunity from penalty and prosecution to benamidar on full and true disclosure so as to improve conviction under the Benami Transactions (Prohibition) Act, 1988.
Click here to read Summary of the Union Budget 2024-25.
