Yearender: From NPS Vatsalya to higher standard deduction, 5 money rules that changed in 2024
1 week, 1 day ago

Yearender: From NPS Vatsalya to higher standard deduction, 5 money rules that changed in 2024

Firstpost  

Apart from introducing changes to the National pension scheme and provding tax relief under the ’new tax regime’, the government also overhauled the capital gains taxation system, tightened TDS on property sale, and raised IMPS money transfer limit The year 2024 was quite eventful in India in terms of what it means for the layperson’s savings and money management. Revised income tax slabs and standard deduction The Union Budget 2024-25 introduced simplified income tax slabs under the New Tax Regime, reducing the number of slabs and offering savings of up to Rs 17,500 annually. Overhaul of capital gains taxation structure Short-Term Capital Gains : Gains on equity and equity-oriented mutual funds are now taxed at 20 per cent, up from 15 per cent. IMPS money transfer limit raised The Immediate Payment Service limit was increased to Rs 5 lakh per transaction from February 1.

Tax Money Cent Tds Nps Ltcg Standard Deduction Imps  higher  slabs  gains  limit  cent  capital  rules  tax  rs  deduction  vatsalya  money  2024  yearender  nps  standard  property  changed  tds

History of this topic

Income Tax: 5 key points to consider before submitting proof of investments to your employer
3 weeks, 2 days ago

Income Tax: 5 key points to consider before submitting proof of investments to your employer

Live Mint  

If you are a salaried employee and have already made investments in some tax-saving instruments, it is imperative that you declare the same to your employer so that your salary in the last two months of fiscal 2025 is not reduced substantially. For instance, if you have invested ₹1 lakh towards an insurance premium and another ₹50,000 in the equity …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months, 2 weeks ago

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday proposed the much-awaited change in the income tax slabs as she tabled the first Union Budget of the new Narendra Modi government. "Under the new tax regime, tax rate structure to be revised as follows - ₹0- ₹3 lakh -Nil; ₹3-7 lakh -5%; ₹7-10 lakh-10%; ₹10-12 lakh-15%; ₹12-15 lakh- 20% and above ₹15 lakh-30%," …

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here
5 months, 2 weeks ago

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here

India Today  

Finance Minister Nirmala Sitharaman revamped income tax slabs under the new regime in Union Budget 2024 in a bid to make it more attractive. The Finance Minister said that the tweaked tax slabs would save salaried individuals Rs 17,500 annually under the new regime. The updated tax slabs are as follows: income up to Rs 3 lakh will be taxed …

Big change in capital gains tax, LTCG increased to 12.5%. Check details
5 months, 2 weeks ago

Big change in capital gains tax, LTCG increased to 12.5%. Check details

India Today  

Finance Minister Nirmala Sitharaman announced key changes to capital gains taxation in her seventh Budget. The Long Term Capital Gains tax will rise from 10% to 12.5%, and the Short Term Capital Gains tax on certain assets will increase from 15% to 20%. "Short term gains on certain financial assets shall henceforth attract a tax rate of 20%, while that …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months, 3 weeks ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax
5 months, 3 weeks ago

Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax

The Hindu  

Net direct tax collection grew 19.54% to over ₹5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The net direct tax collection of ₹5,74,357 crore includes CIT at ₹2,10,274 crore and PIT at ₹3,46,036 crore, as per data released by Central Board of Direct Taxes on July 13. During the same period last year, net …

Govt. borrows 58% of target despite 74% more direct tax collections
3 years, 3 months ago

Govt. borrows 58% of target despite 74% more direct tax collections

The Hindu  

In spite of the Centre collecting a whopping 74% more direct taxes so far this fiscal on an annualised basis at ₹ 5.70 lakh crore, it has also borrowed a massive 58 % of the budgeted amount during the same period by selling ₹ 7.02 lakh crore worth of debt securities in the market. While at the weekly auction of …

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore
3 years, 8 months ago

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore

Hindustan Times  

Rajeev Jayaswal The net direct tax collections of ₹ 9.45 lakh crore include corporation tax at ₹ 4.57 lakh crore and ₹ 4.88 lakh crore personal income tax. [email protected] New DelhiThe Union government’s net direct tax collections for the year 2020-21 surpassed the revised estimate by 4.42% at ₹9.45 lakh crore, the finance ministry said on Friday, disclosing figures that …

Income Tax Slabs May Stay Unchanged, But Govt Likely to Give More Exemptions in Union Budget 2021
3 years, 11 months ago

Income Tax Slabs May Stay Unchanged, But Govt Likely to Give More Exemptions in Union Budget 2021

News 18  

The Centre is likely to tweak the list of eligible rebates and exemptions to allow some more categories of financial savings instruments for taxpayers in the optional income tax regime introduced in the Union budget last year. This is aimed to be done through tax proposals to incentivise the new tax regime rather than any major overhaul in the income …

Budget 2020: Income tax slabs lowered for those who forgo exemptions
4 years, 11 months ago

Budget 2020: Income tax slabs lowered for those who forgo exemptions

The Hindu  

In a proposal to simplify the personal income tax regime, Finance Minister Nirmala Sitharaman, in the Union Budget 2020 speech, said the income tax rates would be “significantly reduced” for those who forgo reliefs and exemptions and the new rates would be optional. Accordingly, a person earning Rs 15 lakh per anum and not availing any deductions will pay ₹1.95 …

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