Income Tax Budget 2024 Live Updates

The Income Tax Budget 2024 has brought significant changes that will impact taxpayers across the country. Here are some key updates from the live updates:

1. Tax Slabs and Deductions:

   • The standard deduction for salaried employees has been increased from ₹50,000 to ₹75,000.
   • The tax rate slab has been changed, with the 5% tax rate now applicable for incomes between ₹5 lakh to ₹7 lakh.

2. Capital Gains Tax:

   • The long-term capital gains tax has been increased from 10% to 12.5%.
   • The period of holding for listed financial assets has been adjusted, and the indexation benefit for long-term capital assets has been removed.

3. Employment and Skill Development:

   • The budget aims to create 1 crore internship opportunities for youth in the next 5 years, with a focus on skill development.
   • Various schemes have been announced to provide financial support for education loans and business skill development.

4. Fiscal Prudence:

   • The reduction in fiscal deficit is estimated to be 4.9% from 5.1%, with a target of 4.5% for the next year.
   • The government is focusing on incentives for job creation and enhancing skilling programs.
5. Market Implications:
   • The increase in securities transaction tax (STT) on F&O and long-term capital gains tax (LTCG) has been viewed negatively by investors.
   • The budget also includes measures to facilitate private sector investment in infrastructure.

Overall, the Income Tax Budget 2024 aims to address key concerns such as employment, skilling, and middle-class benefits, while also focusing on fiscal prudence and market implications. Stay tuned for more updates as the budget unfolds.