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

• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT
• Cost Inflation Index for FY/Tax Year 2026-27 notified by CBDT. See Up-to-date Table of CII
• Power of CIT(A) u/s 251(1)(a) to remand case can be exercised only in best judgment assessment