C V Ramana & co

24/07/2024

Highlights of Union Budget 2024-25

*New Tax Regime*

* Standard Deduction for salaried increases from 50000 to 75000 rupees

Slab Rates
* 0 to 3 lac - Nil Tax
* 3 to 7 lac - 5%
* 7 to 10 lac - 10%
* 10 to 12 lac - 15%
* 12 to 15 lac - 20%
* 15 lac & above -30%

*Short Term Capital Gains* (STCG) Tax Rate on Equity oriented Mutual Funds:
New Rate: 20%
(Previous Rate: 15%)

*Long Term Capital Gains* (LTCG) Tax Rate on Equity oriented Mutual Funds:
New Rate: *12.5%*
(Previous Rate: 10%)

*Long Term Capital Gains Exemption* on Equity oriented Mutual Funds:
New Exemption Limit: *₹ 1.25 Lakhs*
(Previous Exemption Limit: ₹ 1 Lakh)

*The Changes Done In LTCG, STCG Are Applicable From 23rd July 2024 And Not From 1st April*

* STT on F & O trade increased 0.2% & 0.1% respectively

* Angel Tax abolished for start-ups

*The theme of the Budget is Employment, Skilling, MSME, and the Middle Class.*

* Education loan Rs 10 lacs to pursue higher education in domestic institutions with 3% interest subvention of the loan amount.

* Provision of ₹1.52 lakh crore for agriculture and allied sectors

* ₹2 lakh crore for five schemes

* First-time employees will get one month's wage in three installments as registered in EPF

* ₹2.66 lakh crore for rural development and infrastructure

* Three crore more houses under PM Awas Yojana urban 2.0..with central assistance of Rs 2.2 lac crs in the next 5 years and to provide interest subvention to facilitate loans at affordable rates.

*Credit support For MSME and labor-intensive manufacturing, a credit guarantee scheme, collateral-free loan, and Mudra loan limit enhanced from ₹10 lakh to ₹20 lakh

* *Reduced Custom Duty on Gold and Silver to 6%*

* Reduce custom duties on mobile , Charger and Printed Circuit Board Assemblies from 20% to 15 %

* Reduced customs duty on some items in the textile and leather sectors.

* Duty on wet white, crust and finished leather for manufacturing of garments, footwear and other leather products for exports will be NIL from 10%

* An investment grade energy audit of industrial micro and small industries in 60 clusters, including brass and ceramic are to be facilitated...

* A new pension scheme named ' Vatsalya' to enable contributions from parents and guardians for the benefit of children and to be converted to regular NPS on the childs attaining age of maturity.

C V Ramana & co

19/11/2022

The director's new film is a meditation on memory and the movies

19/08/2020

In a statement, Goods and Services Tax Network (GSTN), which handles the technology backbone of GST, said that to bring the entire computation to taxpayers by way of showing each invoice filed by the suppliers and showing eligibility against each, this functionality has been developed.

22/03/2020

C V Ramana & co
Income tax & GST practitioners
Contact no. 9943755274
[email protected]

Dear Clients,

As you are aware that there is serious outbreak of COVID-19 across the world. Like you, we are watching the situation with deep concern and are constantly monitoring the uncertainty arisen because of COVID-19. With the situation escalating with every passing day, we have taken proactive measures to ensure uninterrupted services.
We will like to reassure you that our operations continue as normal. . As we navigate through COVID-19, we are ensuring that critical functions like File safety, Cyber Security, Fraud Prevention, Digital Signs are well protected.
Further to the various advisories issued by Health Ministry, we urge you to prioritize usage of our digital mediums (available 24X7) , as it would enable us to protect our support staff from the contagious COVID-19. We also request you to limit your physical interactions at our Office to the maximum extent and operate through digital customer facing solutions. For all your servicing needs please use our Whats App, gmail platforms .

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We encourage you to stay safe and healthy.
Assuring you the best of services at all times.

Warm Regards,
Ramana

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