24th July 2024- Yesterday on July 23, Finance Minister Nirmala Sitharaman presented the first union Budget of the Modi 3.0 government, which makes her seventh consecutive budget speech during the Monsoon Session of Parliament. In her address, Sitharaman outlined the government’s priorities for fostering economic growth and creating new opportunities, with a focus on agriculture productivity, employment and skilling, and services.
Key highlights of the Union Budget 2024-25 include an increase in the standard deduction for salaried employees from ₹50,000 to ₹75,000 under the new income tax regime, benefiting millions of taxpayers.
The changed version of the Tax pattern
Up to INR 3 lakh: 0%
3 to 7 lakh: 5%
7 lakh to 10 lakh: 10%
10 lakh to 12 lakh: 15%
12 lakh to 15 lakh: 20%
Above 15 lakh: 30%
The government has abolished the angel tax for all investors, encouraging more investment in startups. As per the record, customs duties have been reduced to 6% for both gold and silver and 6.4% for platinum which leads to a price drop in gold and silver.
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