2024 Taxation Updates: Everything You Need to Know
📢 Limit of Exemption for Capital Gains
- Proposed exemption limit: ₹1.25 lakh/year.
📈 STT on F&O
- Hiked to 0.02% (intraday) and 0.1% (delivery).
🌍 Corporate Tax for Foreign Companies
- Reduced to 35%.
💹 Long-Term Capital Gains (LTCG)
- Rate hiked from 10% to 12.5%.
📉 Short-Term Gains on Certain Financial Assets
- 20% tax rate; rest at applicable tax rate.
📈 Long-Term Capital Gains (General)
- Fixed at 12.5%.
📊 Classification of Listed Financial Assets
- Held for over a year = long term.
🛒 TDS on E-commerce
- Reduced from 1% to 0.1%.
💼 Tax on Certain Assets
- 20% rate; rest at applicable rates.
📜 Unlisted Bonds & Debentures
– CGT as per applicable rates, irrespective of holding period.
🚀 Abolishment of Angel Tax
– For all classes of investors.
🌐 MNC Professionals & ESOPs
– Non-penalised for investing up to ₹20 lakh in movable assets abroad.
🧾 Standard Deduction in New Tax Regime
– Increased from ₹50,000 to ₹75,000.
👨👩👧👦 Family Pension Deduction
– Enhanced to ₹25,000.
👨💼 Income Tax Savings for Salaried Employees
– Save ₹17,500.
📊 Revised Tax Rates in New Regime
– 0-3L: 0%
– 3-7L: 5%
– 7-10L: 10%
– 10-12L: 15%
– 12-15L: 20%
– Over 15L: 30%
