23/07/2024
Taxation Updates
• Limit of exemption at capital gains proposed at Rs 1.25 lakh a year
• STT on F&O hiked to 0.02% and 0.1%
• Corporate tax rate on foreign companies reduced to 25%
• Limit of LTCG hiked from 10% to 12.5%
• Short term gains on certain financial assets will be 20 percent, rest is applicable tax rate
• Long term capital gains will be 12.5 percent
• Listed financial assets held for more than a year will be classified as long term
• TDS rate on e-commerce operators to be reduced to 0.1 percent from 1 percent
• Tax rate of 20 per cent on certain assets. Rest to attract applicable rates
• Listed financial assets held for more than a year will be classified as long term
• Unlisted bonds and debentures, irrespective of holding period, to attract CGT as pwer applicable rates
• Abolishment of Angel Tax announced for all classes of investors
• Professionals in MNCs who get esops and then invest in movable assets abroad of upto Rs 20 lakh decriminalized / non-penalised
• Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000
• Deduction on family pension for pensioners to be enhanced to 25K Rs
• Salaried employee will save Rs 17,500 in income tax
New tax regime Tax rate structure to be revised as follows:
• 0-3L -- 0%
• 3-7 L -- 5%
• 7-10 L -- 10 %
• 10 - 12 L -- 15 %
• 12 - 15 L -- 20%
• over 15 L -- 30%
