Union Budget 2024-25 to be presented on 22nd July 2024 – Watch Live

Union Budget 2024-25 – Highlights of Tax Proposals – Watch Live

The Union Finance Minister MS Sitharaman shall be presenting Union Budget 2024-25 on 23rd July 2024 at 11AM. Watch live Highlights of Tax Proposals.

This is the first Budget that is to be presented by the BJP led NDA Government where BJP lacks the majority in the Lok Sabha and perhaps that this could be clearly visible in the budget proposals for various sectors, direct and indirect taxation.

Union Budget 2024-25 – Highlights of Tax Proposals – Watch Live

(A). GST to be simplified

(B) Income Tax

1. Comprehensive review of the Income Tax Act 1961 to be done in 6 months

2. Simplification of Charity and TDS

3. Rationalisation of Capital Gains – STCG 

4. Angel Tax abolished

5. Deepening of Tax Base 

6. Personal Income Tax Rates

 For those who are opting for New New Tax Regime – Standard deduction increased from Rs. 50,000 to Rs. 70,000. Deduction on Family Pension increased from Rs. 15000/- to Rs. 25000/-

Change in Tax structure for New Tax Regime

https://youtu.be/-6oZGe_RHdE

• Form 26 to replace Form 3CD of tax audit report by a CA from Tax Year 2026-27
• When no addition is made on the basis of reasons recorded, reopening is bad in law
• No separate compensation for loss of love and affection under MV Act – SC
• Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
• Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court