Union Budget 2024 - Important Changes
Income Tax Slabs Standard Deduction increased from 50,000/- to 75,000/- (for Salaried) under New Tax Regime. Tweak in Tax slab rates under New Tax Regime. Tax savings of 17,500/- p.a. @ 30% slab rate. Taxation Aspects Mutual Funds & Equity Shares, where Equity exposure is at least 65% . Within 1 year of purchase : Gains will be taxed at 20% (Previously 15%). More than 1 year of purchase : Till 1.25 lakhs gains - NIL tax. Above that, gains will be taxed at 12.50% (Previously till 1 lakh gain tax-free & 10% tax beyond that). Despite this increase, it is negligible in the long-term. Also Equities continue to provide better returns over inflation v/s others. Ex. S.I.P of 25,000/- for 15 years @ 12% CAGR gives 1.26 crore maturity . # Capital Gains - 81.14 lakhs # Tax as per old slab: 8.14 lakhs (11.33% net return) # Tax as per new slab: 9.98 lakhs (11.15% net return) - Difference of only 0.18% in net return . ...
