10 Amendments relating to Direct Taxes in the Budget Proposal 2024-25

 

Proposed Amendments relating to Direct Taxes in the Budget Proposal 2024-25

  • Substantial relief in the new tax regime with new slabs and tax rates
  • Standard deduction to salaried individuals and pensioners increased from Rs 50,000 to 75,000
  • Family pension deduction increased from Rs 15,000 to 25,000
  • Amount of deduction permissible under section 80CCD proposed to be increased from 10% to 14% in the case of the non-government employer.
  • Angel Tax Abolished

  • Rationalization of taxation of Capital Gains

    • Short-term capital gains on specified financial assets shall be taxed at a rate of 20% instead of 15%
    • Long-term capital gains on financial and non-financial assets will attract a tax rate of 12.5%.
    • Impact of change in Long Term Capital Gains (LTCG) rate and removal of indexation in a few test cases

    • -Tax deducted at source on payment of insurance commission, life insurance policy, commission on the sale of lottery tickets, commission of brokerage, payment of rent by individual or HUF and payment of certain sums by certain individuals or HUF have been proposed to be reduced from 5% to 2%. 

      ▪️TDS on payment of certain sums by e-commerce operator to e-commerce participant has been proposed to be reduced from 1% to 0.1%

    • For the resolution of certain income tax disputes pending in appeal, Vivad Se Vishwas Scheme, 2024 has been proposed

      Monetary limits for filing appeals related to direct taxes, excise, and service tax in the Tax Tribunals, High Courts, and  Supreme Court have been proposed to be increased to ₹ 60 lakh, ₹ 2 crore, and ₹ 5 crore respectively.


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