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The full budget 2024 will present in July to the general public as well as corporations.
Here SAG Infotech brings the complete news and relevant articles based on the budget 2024 which will give further insight into the expectations versus the reality of the budget for the common man. SAG Infotech will continue updating the section with timely updates on budget 2024.
1. Changes In New Income Tax Regime Slab
0-3 lakh : Nil
3-7 lakh: 5%
7-10 lakh: 10%
10-12 lakh: 15%
12-15 lakh: 20%
Above 15 lakh: 30%
2. Standard deduction to be increased to Rs 75,000 in new tax regime
3. Exemption of capital gains increased to Rs 1.25 lakh per year for certain assets
4. An assessment can be reopened after three years only if escaped income is Rs 50 crore or more
5. Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.
With the majority of initial challenges, such as online portal glitches, invoice matching issues, and delays in refunds, largely addressed and monthly revenue consistently exceeding Rs 1.6 lakh crore, experts suggest that the government is poised to advance the second-generation reforms in the GST. In the upcoming interim budget presentation on February 1, Finance Minister […]
The Confederation of Indian Industries (CII) urged Finance Minister Nirmala Sitharaman on Wednesday to target a 20% increase in the capital expenditure outlay for the upcoming financial year, reaching Rs 12 lakh crore in her forthcoming budget. The industry body also recommended a revision of beneficiary criteria for the free food scheme and the initiation […]
The Finance Minister, Nirmala Sitharaman, unveiled a fresh tax framework in the Union Budget 2020-21, accompanied by specific conditions. The government aims to render the new tax structure appealing to income taxpayers. As of April 1, 2023, the new income tax framework has been designated as the default tax system. Nevertheless, citizens retain the choice […]
Indian Space Association (ISPA) asks for the GST exemption for the satellite firms and provides the tax holiday in the union Budget 2024-25 with a direction on improving the financials of the industry. “Extend the GST exemption to cover the manufacturing of satellites, launch vehicles, and ground equipment, along with a corresponding exemption on the […]
The Digital Infrastructure Providers Association (Dipa) asks for flexible norms and policy regimes that consist of goods and service tax (GST) in a run-up to the union budget 2024. The budget should delineate encouraging policies, streamlined regulations, and straightforward GST norms to facilitate the growth of the telecommunications infrastructure sector. The group based in Delhi […]
Following a series of GST demand notifications, the business sector is eager for the inclusion of an amnesty scheme in the upcoming interim budget. However, opinions among experts are divided on this matter. In the previous year, reports indicated that authorities responsible for goods and services tax (GST) issued notices totalling around Rs 1.45 lakh […]
On February 1, the Budget for the fiscal year 2024-25 will be presented in Lok Sabha by Union Finance Minister Nirmala Sitharaman. This Union Budget is considered interim due to the upcoming Lok Sabha elections early next year. The complete budget is expected to be formulated after the establishment of a new government. Experts in […]
A senior government official informed Business Standard that in the forthcoming Interim Budget on February 1, Union Finance Minister Nirmala Sitharaman is considering the introduction of further tax waivers or exemptions exclusively applicable to the Old Income Tax regime. The proposed measures may involve extending income tax exemption thresholds to around Rs 7 lakh and […]
the National Restaurant Association of India appealed to the government to reinstate input tax credit for restaurants. Additionally, they recommended an increase in the GST rate existing 5% to 12% in anticipation of the upcoming Union Budget. In a letter addressed to Finance Minister Nirmala Sitharaman, the National Restaurant Association of India emphasized the need […]