Hikes in both short-term capital gains (STCG) and long-term capital gains (LTCG) taxes are bound to affect investor perspective while managing capital assets. The Union Budget 2023-24 has increased the tax rate on STCG, previously at 15 per cent to 20 per cent. The tax rate on LTCG is now 12.5 per cent compared to the previous 10 per cent
Listed financial assets will have to be held for more than 1 year, while unlisted financial assets and all non-financial assets for at least 2 years to qualify for long-term capital gains tax.
The Indian stock market slumped over 1,000 points in the afternoon session as Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024. While the Sensex and Nifty both recovered since then, it is reported that investor wealth fell by Rs 8.85 lakh crore. But what led to this drastic tumble?
The government has reduced the Corporate tax rate on foreign companies from 40% to 35%, announced Finance Minister Nirmala Sitharaman on Tuesday while presenting her seventh consecutive budget
Breaking down the allocations, the food subsidy has been set at Rs 2,05,250 crore, a decrease from the revised estimates of Rs 2,12,332 crore for the fiscal ending March 31, 2024. This subsidy covers the difference between the economic cost of foodgrains procured by the government and their sales realisation under the National Food Security Act (NFSA) and other welfare schemes, benefiting approximately 80 crore individuals
In her Union Budget 2024 speech, FM Nirmala Sitharaman announced the removal of the indexation benefits for property sales. The removal of the indexation benefit means that you would be paying taxes on higher amount than earlier. Here's how
Sitharaman emphasised that in times of policy uncertainties at the global level, India's inflation remained low and stable. Sithraman mentioned that the inflation in the country continues to remain within 4 per cent
"We wanted to simplify the approach to taxation, also for the capital gains. Second, if anything, the average taxation actual has come down. When we say it is 12.5 per cent, because we have worked out for each of the different classes... But the point is that we have brought it down from below average to 12.5 per cent, which is the lowest if you look at several years, encouraging investment in the market," said Sitharaman
The FM said that salaried employees under the new tax regime will save up to Rs 17,500 annually in taxes due to the changes proposed in the FY25 Budget.
Several non-BJP-ruled states had decided to revert to the DA-linked Old Pension Scheme (OPS) and also employee organisations in some other states have raised demand for the same. In her Budget Speech in the Lok Sabha, Sitharaman said the Committee to review the NPS has made considerable progress in its work. She said the staff side of the National Council of the Joint Consultative Machinery for Central Government Employees have taken a constructive approach
In the first Budget of Modi 3.0, Sitharaman proposed that the 5 per cent TDS rate on many payments is being merged into the 2 per cent TDS rate and the 20 per cent TDS rate on repurchase of units by mutual funds or UTI is being withdrawn
Youth was one of the four castes Sitharaman mentioned that needs to be in focus. The other three castes were, poor, women and farmers
In her Union Budget 2024 speech, Finance Minister Nirmala Sitharaman proposed to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent
Union Finance Minister Nirmala Sitharaman has unveiled significant cuts in customs duties during her presentation of the 2024 Union Budget, making some items such as gold, silver, and mobile phones cheaper. On the other hand, some products will get more expensive. Here’s the full list
Finance Minister Nirmala Sitharaman in her Budget 2024 speech also proposed to discontinue the quoting of Aadhaar Enrolment ID in place of Aadhaar number with respect to taxation purposes
The NPS Vatsalya scheme is a variant of the existing National Pension System (NPS), specifically tailored for young individuals. This innovative programme allows parents or guardians to open accounts for their minor children and make contributions towards their retirement savings.
As the Indian startup ecosystem continues to grow steadily, a significant boost has been provided to it. Finance Minister Nirmala Sitharaman has announced the abolishment of the Angel Tax, which was a headache for many startups that were looking to make it big. The tax used to cut around 30 per cent of the investment of startups from external investors which it deemed 'income from other sources'
India is one of the fastest growing domestic aviation markets in the world. "To promote domestic aviation and boat & ship MRO, I propose to extend the period for export of goods imported for repairs from six months to one year. In the same vein, I propose to extend the time-limit for re-import of goods for repairs under warranty from three to five years," Finance Minister Nirmala Sitharaman said
Long-term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 percent. Further, for the benefit of the lower and middle-income classes, the finance minister proposed increasing the exemption limit of capital gains on certain financial assets to Rs 1.25 lakh per year.
There was a special focus on Bihar and Andhra Pradesh in Union Budget 2024. While the first will get airports, medical colleges and a tourism boost, Andhra will receive special financial support. The NDA ally states are led by Nitish Kumar and Chandrababu Naidu respectively
Finance Minister Nirmala Sitharaman, in her Budget 2024 speech, said that the government will endeavour to maintain strong fiscal support for infrastructure
Finance Minister Nirmala Sitharaman laid out nine priorities for the government in Union Budget 2024, saying they are necessary to realise the dream of a Viksit Bharat. These priorities are: productivity in agriculture, employment, social justice, manufacturing, urban development, energy security, infrastructure, innovation and next-generation reforms
It is pertinent to note that the standard deduction is available under both old and new income tax regimes
In a bid to push interest in employment in manufacturing inside the formal sector of the economy, Finance Minister Nirmala Sitharaman announced three employment-linked incentive schemes as part of the Union Budget on July 23. The three schemes will be implemented as part of the Prime Minister’s budget package. These schemes will be based on enrollment inside the EPFO (Employees Provident Fund Organisation)
A five-year vision document will be introduced to address the financial needs of the economy. This strategic plan will set clear priorities and actions to support economic growth and development over the next five years
An assessment of income tax can be opened beyond the existing time limit of three years if annual income is more than Rs 50 lakh (Rs 5 million), she said
Angel tax is levied on the capital raised via the issue of shares by unlisted companies from an Indian investor if the share price of issued shares is seen in excess of the fair market value of the company
The PM Suryaghar Muft Bijli Yojana has been launched to support the installation of rooftop solar panels. This scheme aims to provide free electricity up to 300 units per month for one crore households. The initiative has received a remarkable response from the public, reflecting strong interest in renewable energy solutions
Sensex and Nifty tumbled over one per cent on Tuesday after Finance Minister Nirmala Sitharaman announced tweaks to the capital gains tax regime
Fiscal deficit means the difference between the government expenditure and income. It was projected at 5.1 per cent in the Interim Budget in February, against 5.8 per cent in the last fiscal year