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Budget 2024: FM Nirmala Sitharaman Announces Immediate Hike in Short and Long Term Capital Gains Tax Rates
Credit: Zee News- Published on July 23, 2024
Budget 2024: Long-term gains on all financial and non-financial assets will attract a tax rate of 12.5 per cent instead of 10.0 per cent.
Video credit: Oneindia
Published on July 23, 2024 - 03:14
Budget 2024: Budget 2024: FM Sitharaman Unveils Game-Changing Overhaul in Personal Income Tax Slabs
On July 23, Finance Minister Nirmala Sitharaman announced significant revisions to personal income tax rates under the new tax regime during the presentation of the Annual Budget 2024 in Lok Sabha. The new tax slabs are designed to provide relief to taxpayers and simplify the tax structure: no tax will be levied on annual incomes up to ₹3 lakh; a 5% tax will apply to incomes between ₹3 lakh and ₹7 lakh; a 10% tax for incomes between ₹7 lakh and ₹10 lakh; and a 15% tax for incomes between ₹10 lakh and ₹12 lakh. These changes aim to benefit a broad section of taxpayers and enhance the overall ease of compliance.
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