Kochi: Union Budget 2024 has revised tax slabs with exemption to pay taxes upto Rs 3 lakh of annual income, media reports said.
A tax of 5 percent will come on an income of Rs 3 to Rs 7 lakh , 10 percent on Rs7 to Rs10 lakh, 15 percent on Rs10 to Rs12 lakh, 20 percent on Rs12 to Rs15 lakh and Rs15 lakh and above is30 percent.
Standard Deduction is up from Rs 30,000 to Rs 75,000.
However, short-term gains tax on specified financial assets goes up from 15 per cent to 20 percent.
Long-term gains tax raised to 12.5 per cent from earlier 10 per cent.
Exemption limit on capital gains for certain listed financial assets increased from Rs 1 lakh to Rs 1.25 lakh annually.
It abolished ‘angel tax’ to promote start-ups and innovation.
Fiscal deficit projected for 2025 is at 4.9 percent of GDP.
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