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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?

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