Income Tax Proposal in Union Budget – 2024

Limit of exemption at capital gains proposed at Rs 1.25 lakh a year
STT on F&O hiked to 0.02% and 0.1%
Corporate tax rate on foreign companies reduced to 25%
Limit of LTCG hiked from 10% to 12.5%
Short term gains on certain financial assets will be 20 percent, rest is applicable tax rate
Long term capital gains will be 12.5 percent
Listed financial assets held for more than a year will be classified as long term
TDS rate on e-commerce operators to be reduced to 0.1 percent from 1 percent
Tax rate of 20 per cent on certain assets. Rest to attract applicable rates
Listed financial assets held for more than a year will be classified as long term
Unlisted bonds and debentures, irrespective of holding period, to attract CGT as pwer applicable rates
Abolishment of Angel Tax announced for all classes of investors
Professionals in MNCs who get esops and then invest in movable assets abroad of upto Rs 20 lakh decriminalized / non-penalised
Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000
Deduction on family pension for pensioners to be enhanced to 25K Rs
Salaried employee will save Rs 17,500 in income tax
New tax regime Tax rate structure to be revised as follows:

0-3L — 0%
3-7 L — 5%
7-10 L — 10 %
10 – 12 L — 15 %
12 – 15 L — 20%
over 15 L — 30%