BUDGET FY 2024-25 HIGHLIGHTS

New Delhi, Jul 23 (PTI) Highlights of Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.

     * Standard deduction in new tax regime hiked to Rs 75,000 from Rs 50,000

    * Deduction on family pension for pensioners raised from Rs 15,000 to Rs 25,000

     * Tax slabs under new tax regime tweaked: 5 pc for income between Rs 3-7 lakh, 10 pc (for Rs 7-10 lakh), 15 pc for Rs 10-12 lakh

     * Salaried employee in the new tax regime stands to save up to Rs 17,500 in income tax

    * Three cancer drugs -- TrastuzumabDeruxtecan, Osimertinib and Durvalumab -- fully exempted from custom duty

     * Customs duty on mobile phone, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15 pc

     * Customs duties on gold and silver reduced to 6 per cent and that on platinum to 6.4 per cent.

     * Security Transactions Tax on futures and options of securities increased to 0.02 per cent and 0.1 per cent, respectively.

     * Income received on buy back of shares to be taxed in the hands of recipient

     * Angel tax for all classes of investors abolished to boost startups

    * Corporate tax rate on foreign companies reduced from 40 to 35 per cent.

     * Vivad Se Vishwas Scheme, 2024 for resolution of income tax disputes pending in appeal

     * Monetary limits for filing direct taxes, excise and service tax related appeals in tax tribunals, high courts and Supreme Court increased to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively

     * 20 pc tax on short-term gains on certain financial assets
    
     * 12.5 pc tax on long term gains on all financial and non-financial assets

     * Long-term capital gains up to Rs 1.25 lakh from listed equities exempted

    * TDS rate on e-commerce operators reduced from one to 0.1 per cent

     * Delay for payment of TDS up to due date of filing statement decriminalized.

    * I-T assessment can be reopened beyond 3 years up to five years only if the escaped income is Rs 50 lakh or more.
    
     * In search cases, time limit reduced from 10 to 6 years before the year of search

     * Govt to complete comprehensive review of the Income-tax Act, 1961 in six months

     * GST to be simplified and rationalised to expand to remaining sectors

    * Fiscal deficit pegged at 4.9 per cent of GDP in FY25, to be cut further below 4.5 pc next year

     * Budget outlines 9 priority areas, including manufacturing and services, and next generation reforms, in pursuit of Viksit Bharat

     * Budget focusses on employment, skilling, MSME, middle class

     * Allocates Rs 1.52 lakh crore for agriculture and allied sectors

     * FY25 capex pegged at Rs 11.11 lakh crore

     * Rs 11,500 crore financial support to certain irrigation and flood mitigation projects in Bihar

     * Rs 15,000 crore special financial support to Andhra Pradesh through multilateral development agencies.

(This story has not been edited by THE WEEK and is auto-generated from PTI)