iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Income Tax Budget 2024-25: New tax slabs announced

23 Jul 2024 , 01:49 PM

Finance Minister Nirmala Sitharaman delivered the Union Budget 2024-25 today, with high expectations from taxpayers and salaried employees.

What FM said about capital gains:

Short-term gains on some financial assets will now be taxed at 20%, whilst gains on all other financial assets and non-financial assets will continue to be taxed at the corresponding rate.

Long-term profits on all financial and non-financial assets, however, will receive a tax rate of 12.5%.

Listed financial assets held for more than a year will be categorised as long-term, whilst unlisted financial assets and all non-financial assets must be held for at least two years to be classified as long-term.

Finance Minister Sitharaman has proposed increasing the deduction on family pension for pensioners from ₹15,000 to ₹25,000.

The Finance Minister introduced new regime slabs in the Budget 2024-25.

0 to ₹3 lakhs: Nil

₹3–7 lakhs: 5%

₹7-10 lakhs: 10%.

₹10-12 lakhs: 15%.

₹12-15 lakhs: 20%.

Above ₹15 lakhs, 30%

Finance Minister Nirmala Sitharaman announced that the standard deduction under the new tax regime has been enhanced from ₹50,000 to ₹75,000.

FM Sitharaman promised a full revision of the Income Tax Act 1961. This would reduce disagreements and litigation, she claimed, and it is expected to be done in six months.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Budget 2024
  • Income Tax Slabs
  • tax
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.