Budget 2024-25: Check Budget Highlights Here What Nirmala Sitharaman said on long-term capital gains in press conference?

Budget 2024-25: After presenting the General Budget, Finance Minister Nirmala Sitharaman held a press conference. Regarding the change in taxation and other changes, he said, “This change is not only mentioned in this budget, but we have been saying again and again that India's tax base should be increased even if it is a direct tax.” ) or indirectly. Secondly, now the PSU dividends are also better because the valuations have actually gone higher and their performance has now increased to a large extent. So, revenue accretion is not just tax based, you also have non-tax accruals coming up. For the last three years, we have been talking about asset monetization, which is not selling assets, but making better use of assets that are lying idle. What did the finance minister say about the 12.5% ​​tax on long-term capital gains? At 12.5% ​​tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman said we want to simplify taxation. Second, the average tax rate is actually lower at say 12.5%. We have worked for every different asset class. Highlights of the General Budget: The standard deduction has been raised from Rs 50,000 to Rs 75,000 in the new tax system. Deduction on family pension for pensioners has been increased from Rs.15,000 to Rs.25,000. Changes in tax slabs under new tax regime: Rs. Five percent for those with income between 3-7 lakhs and Rs. 7-10 lakhs and 10 percent and Rs. 10-12 lakhs and 15 percent. Under the new tax regime, salaried employees can save up to Rs 17,500 in income tax. Three cancer drugs – trastuzumab deruxtecan, osimertinib and durvalumab – were completely exempted from customs duty. Customs duty on mobile phones, mobile circuit board assemblies and mobile chargers has been reduced to 15 percent. Customs duty on gold and silver has been reduced to 6 per cent and on platinum to 6.4 per cent. Securities transaction tax on futures and options contracts on securities has been increased to 0.02 per cent and 0.1 per cent. Income on share buyback is taxed. Angel tax has been waived for all types of investors to encourage startups. The plan is to reduce the corporate tax rate for foreign companies from 40 to 35 percent. 'Vivat Se Viswas' Scheme, 2024 to be introduced to resolve income tax disputes pending appeal. A proposal to raise the monetary limit for filing appeals relating to Direct Tax, Excise Tax and Service Tax before the Tax Tribunals, High Courts and the Supreme Court to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively. 20 percent tax on short-term gains on certain financial assets. 12.5 percent tax on long term gains on all financial and non-financial assets. Long-term capital gains from listed shares up to Rs 1.25 lakh are exempt from tax. TDS rate for e-commerce companies has been reduced from 1 percent to 0.1 percent. Delay in payment of TDS till date of filing of return is no offence. Income tax assessment can be resumed after three to five years. However, residual income of Rs. 50 lakhs or more this will happen only. The government will complete a comprehensive review of the Income Tax Act, 1961 in six months. GST will be simplified and rationalized so that it can be extended to other areas. Fiscal deficit is estimated at 4.9 per cent of GDP in 2024-25 and is expected to be below 4.5 per cent next year. The budget outlined nine priority sectors including manufacturing and services and next-generation reforms to achieve the goal of a developed India. Emphasis was placed on employment, skill development, MSME, middle class in the budget. 1.52 lakh crore allocation for agriculture and allied sectors. The capital expenditure for the financial year 2024-25 is pegged at Rs 11.11 lakh crore. 11,500 crore in funding for some irrigation and flood control projects in Bihar. 15,000 crore in special funding to Andhra Pradesh through multilateral development agencies. The post Budget 2024-25: Here's a look at the highlights of the budget, what Nirmala Sitharaman had to say about long-term capital gains in a press conference? Prabhat appeared first in Kabar.