Key Updates From Union Budget 2024-25

Key Updates From Union Budget 2024-25

 

 

Hello Avid Readers,

We are sharing update on Union Budget, which has brought some changes in Income Tax Slab in New Tax Regime with some key changes incorporated in this budget. 

New Tax Regime (Modified):

Sr. No.	Tax Slab	Tax Rate
1	Upto 3 Lakhs	Nil
2	3 Lakhs to 7 Lakhs	5%
3	7 Lakhs to 10 Lakhs	10%
4	10 Lakhs to 12 Lakhs	15%
5	12 Lakhs to 15 Lakhs	20%
6	More Than 15 Lakhs	30%

Please Note: Standard Deduction in New Regime has increased from ₹50000 to ₹75000.

 

Taxation on Other Asset Classes:

Scheme Category	STCG	LTCG	Remark
Equity Funds	20%	12.50%	LTCG Applicable after 12 Months
Hybrid Funds with High Equity Exposure	20%	12.50%	LTCG Applicable after 12 Months
Debt Funds	Applicable Slab Rates		No Holding Period
Multi Asset Allocation Funds with High Debt Exposure	20%	12.50%	LTCG Applicable after 24 Months
FOFs/ International Mutual Funds	20%	12.50%	LTCG Applicable after 24 Months
Gold/Silver ETFs	20%	12.50%	LTCG Applicable after 24 Months
Listed Stocks/ REITs/ InvITs	20%	12.50%	LTCG Applicable after 12 Months
Unlisted Securities	20%	12.50%	LTCG Applicable after 24 Months

 

Conclusion: Consult your qualified financial advisor, before you take any personal finance related decision.

 

Stay Informed and Plan Wisely!

How to Minimise Your Tax Liability Effectively?

 

How to Minimise Your Tax Liability Effectively?

 

Hello Avid Readers,

Tax deductions are provisions that allow you to reduce your taxable income, thereby lowering your tax liability. For you, these deductions can significantly enhance the returns on your investments. Eligibility for these deductions varies, so it's essential to understand which sections apply to your specific situation.

According to Income Tax Act, 1961, it provides for the following deductions:

Please Note: Given Deductions are available for Old Tax Regime Tax-payers only.

*Some of the Investment Avenues, in case of contribution towards Section 80C, are as:

Conclusion: Understanding various sections helps you to reduce your tax liabilities in old tax regime. While the new tax regime offers simplicity with no need of any investments proof. It's important for individuals to evaluate their tax slab and choose the suitable tax regime. To know, which Income Tax Regime is suitable for you, as per your individual income, kindly consult your professional advisor. Smart tax planning leads to better financial health.

Stay Ahead: File Your Taxes on Time, Minimize Stress!