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

• No immunity from prosecution u/s 276B merely because TDS was deposited belatedly
• Section 44C applies to exclusive expenditure by head office by non resident assessee – SC
• MV Act Compensation to parents of child died is at different footing than disabled child
• Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017
• Audit Fee to be received only by digital modes/banking channels -ICAI revises Ethics