Income Tax Budget 2024: Relief For Salaried Class As FM Revises Tax Slabs, Should Taxpayers Shift To New Tax Regime? – News18

Income Tax Budget 2024 LIVE: ‘Budget Reflects PM Modi’s Vision’, Says Union Minister Gajendra Singh Shekhawat

“Today’s Budget reflects PM Modi’s vision to make India a developed, prosperous, and powerful nation. PM Modi guarantees that our country, which has risen from being one of the fragile five economies to being among the top 5 economies, and soon to be top three economies, is dedicated to this Budget,” said Union Minister Gajendra Singh Shekhawat.

Income Tax Budget 2024 LIVE: ‘Budget Shows Real Partners of This Govt’, Says Activist Yogendra Yadav

“This Budget shows who the real partners of this government are. There is something for alliance partners, especially JD(U) and TDP, there was something for the business partners too, but there was nothing for the food partners, farmers. Actually, the allocation for the agriculture and elite sector has been systematically coming down from the last five years,” said activist Yogendra Yadav.

Income Tax Budget 2024 LIVE: ‘Balanced Budget, Working Towards Viksit Bharat 2047’, Says Himachal LoP

On Union Budget 2024, Himachal Pradesh LoP Jairam Thakur said, “I congratulate PM Modi and Finance Minister Nirmala Sitharaman. This is a balanced Budget, and it is working towards ‘Viksit Bharat 2047’. The biggest focus in the Budget is on job opportunities for youth. In 500 private sector industries, youngsters will be able to do internships, paid for by the government.”

IT Budget 2024 LIVE: Govt To Undertake Review of Income Tax Act To Make It Easy To Read

The Indian Government will undertake a comprehensive review of the Income Tax Act to make it easy to read, Finance Minister Nirmala Sitharaman said after she presented the Union Budget 2024.

IT Budget 2024 LIVE: Removal of Angel Tax on Startups to Help Attract Investments, Says Piyush Goyal

Removal of angel tax for all classes of investors will help attract investments in the segment and further promote the growth of budding entrepreneurs, Commerce and Industry Minister Piyush Goyal said on Tuesday.

Income Tax Budget 2024 LIVE: Entrepreneur Kiran Mazumdar Shaw on Abolition of Angel Tax

Entrepreneur Kiran Mazumdar Shaw said that the underline theme has been job skilling, and creating employability. The government has always supported the growing ecosystems, so going away with the angel tax is a welcome move.

“I am pleased that research and innovation has got funds.. we will see how it will come, grants, tax incentives,” she added.

Income Tax Budget 2024 LIVE: Abolition of Angel Tax Significant Milestone, Says IT Minister

The Union Budget announcement of the abolition of the angel tax is a significant milestone that will boost the startup ecosystem in India, IT Minister Ashwini Vaishnaw said on Tuesday.

Income Tax Budget 2024 LIVE: Amount Paid on Share Buyback to Be Taxed, Says Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividends from October 1, a move that will increase the tax burden on investors.

Income Tax Budget 2024 LIVE: What Is Angel Tax?

Angel tax refers to the tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company’s fair market value.

Income Tax Budget 2024 LIVE: Budget Announcement on Abolition of Angel Tax Cheers Startups

Startup and venture funds on Tuesday cheered the Budget decision on the abolition of angel tax for all investor classes, terming it a “game-changer” that would remove significant barriers to growth and foster a vibrant and dynamic ecosystem.

Income Tax Budget 2024 LIVE: FM Sitharaman Says India’s Tax Net Will Have To Be Widened

On changes in tax slab and other changes, Union Finance Minister Nirmala Sitharaman says, “It is not just because we have mentioned it in this budget but the attempt to widen the tax net is something which we have been repeatedly saying, that India’s tax net will have to be widened – whether it is in the direct taxation or indirect.”

Income Tax Budget 2024 LIVE: FM Sitharaman on Whether Old Tax Regime Will Be Ended

On the question of ending the old tax regime, Finance Minister Nirmala Sitharaman on Tuesday said that the government has yet not decided the fate of the old tax regime and its priority is to “simplify the tax process.”

” I can’t say now whether the Old tax regime will be ended as our motto right now is to simplify the tax regime. The new tax regime is the way to go for that. Sunset on the old tax regime will be based on review. 70 per cent of people last year opted for the new tax regime.”

Income Tax Budget 2024 LIVE: Taxpayers To Show Home Rent Income in IT Returns

All rental income of individual taxpayers from residential properties will be charged under the head ‘income from house property’ and not as income from business or profession, according to the Budget document.

Income Tax Budget 2024 LIVE: Nirmala Sitharaman on Government’s Approach to Simplify Taxes

Finance Minister Nirmala Sitharaman said that the government wanted to simplify the approach to taxation also for capital gains. If anything, the average taxation has come down.

“It has been our motto, whether it be direct or indirect and PSU dividends are increasing because their valuation is going up,” said Sitharaman.

Income Tax Budget 2024 LIVE: Nirmala Sitharaman on Angel Tax

On Angel tax, Finance Minister Nirmala Sitharaman on Tuesday said it was introduced during UPA in 2012. “When we came in we tried to continue it and tried to keep it simple and gave cohorts for startups, today we announced to remove it,” she said.

Income Tax Budget 2024 LIVE: Govt Proposes Merging Two Tax Exemption Regimes For Charities

The government proposed merging the two tax exemption regimes for charities into one, simplifying compliance. The 5% TDS rate on various payments will be consolidated into a 2% rate, while the 20% TDS on mutual fund repurchases will be withdrawn.

Income Tax Budget 2024 LIVE: Revised Tax Regime Vs Existing New Tax Regime

As per the proposal, a 5 per cent tax will be levied on income between Rs 3-7 lakh, 10 per cent between Rs 7-10 lakh, 15 per cent for Rs 10-12 lakh.

However, 20 per cent tax will continue to be levied on income between Rs 12-15 lakh and 30 per cent for income above Rs 15 lakh.

Under the existing new I-T regime, a 5 per cent tax is levied on income between Rs 3-6 lakh, 10 per cent for income between Rs 6-9 lakh.

Income between Rs 9-12 lakh and Rs 12-15 lakh is subject to 15 per cent and 20 per cent tax, respectively. A 30 per cent I-T would be applicable on income above Rs 15 lakh.

Income Tax Budget 2024 LIVE: Sitharaman Said Income Of Up to Rs 3 Lakh Continue To Be Exempted

Income Tax Budget 2024 LIVE: Relief For Middle Class Taxpayers

In sops for the middle class, Finance Minister Nirmala Sitharaman hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class to boost consumption. Read more

Income Tax Budget 2024 LIVE

The new tax slabs under the new income tax regime will be effective from April 1, 2024. (Assessment Year 2025-26).