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Medial • 1y

Was it a Budget of expectations? The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman introduced changes to the income tax regime, for salaried employees & those opting for the new tax regime. 1. Standard Deduction Increase: The standard deduction for salaried individuals has been increased from ₹50,000 to ₹75,000. Additionally, the deduction on family pensions has been raised from ₹15,000 to ₹25,000 . 2. Revised Income Tax Slabs (New Regime): • Income up to ₹3 lakh: Nil • Income from ₹3 lakh to ₹7 lakh: 5% • Income from ₹7 lakh to ₹10 lakh: 10% • Income from ₹10 lakh to ₹12 lakh: 15% • Income from ₹12 lakh to ₹15 lakh: 20% • Income above ₹15 lakh: 30% 3. Capital Gains Tax: • Short-term capital gains on certain assets have been increased to 20% from 15%. • Long-term capital gains on financial and non-financial assets are now taxed at 12.5%, up from 10%. • The exemption limit on capital gains has been raised to 1.25L. Did it reach expectations?

20 Replies

Replies (20)

Anonymous 2

Hey I am on Medial • 1y

3lpa people have to pay tax too?!

2 Replies

Saksham
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Bebyond • 1y

Increasing LTCG is really an L move! This Old vs New Regime has been the longest running scam, there's literally no change. This budget is gonna reduce the money flow in the market even more and businesses are gonna fail at even a faster rate. We're gonna have a heavily debt-run economy!!

2 Replies

Anonymous 1

Hey I am on Medial • 1y

What a disappointment.

1 Reply

Anonymous 3

Hey I am on Medial • 1y

The increase in standard deduction is nice, but it doesn't really offset the increased cost of living we've been dealing with. I was hoping for more significant relief in the middle-income category. The new tax regime still doesn't look attractive enough for me to switch. Feels like the government is trying to balance books more than provide real relief to the middle class.

1 Reply

Anonymous 7

Hey I am on Medial • 1y

2 Words- F*cking Disappointment

1 Reply

Anonymous 7

Hey I am on Medial • 1y

Standard deduction is the biggest joke of the century😡.

1 Reply

Anonymous 4

Hey I am on Medial • 1y

Mixed feelings about this budget.

Anonymous 6

Hey I am on Medial • 1y

What is standard deduction increase??

Hiral Jain

CA inter • 1y

[This post has been deleted by the creator]

Anonymous 8

Hey I am on Medial • 1y

The Indian tax regime should be reformed to include a special tax on politicians. Middle-class citizens see little tangible change despite their hard-earned money being taxed. While tax revenue is intended for infrastructure and development projects, the impact is often minimal. Taxing politicians, who often have significant wealth, could lead to more noticeable improvements. This approach would ensure that funds are utilized more effectively for public benefit rather than being kept in offshore accounts. Implementing such a tax could drive substantial positive changes in the country's development.

Sudarshan Pal

Data Engineer @Quant... • 1y

It's nothing as per expectations. Increasing capital gains govt will get more money from middle class.

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If your income is 12L, You pay 0 for the first 4L. From 4L - 8L i.e. next 4L, you pay 5% = 20,000. From 8L - 12 i.e. another 4L, you pay 10% = 40,000. Total Tax Payable= 60,000. Standard Deduction -75,000. So NO TAX FOR INCOME UP TO 12L. Get it?

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