Personal income tax rates:
Standard deduction up from 50K to 75K
Tax rate slabs changed:
0-3L: nil
3-7L: 5%
7-10L: 10%
10-12: 15%
12-15L: 20%
15L+: 30
TDS up 14%
stcg 20% /ltcg up 12.5 %
LTCG goes up to 12.5% from 10%.
STCG goes up to 20% from 15%.
Angel tax removed
TCS to be offset against TDS on salary
Reduce customs duty on gold and silver to 6%!!!!
GOLD DOWN NOW BELOW 70000
Atleast there is consistency in increasing taxes.
CAPITAL GAINS to be effective from Today
Finance
This is the real case scenario chart of how LTCG changes impact vis-a-vis old indexation benifit one
NOT particular to ANY ASSET but since all are brought up to same treatment so applies across including mf -equity real estate etc
When this is going to be implemented?
noob question: when will these changes take place? any particular date?
From today for LTCG others have thier own timing some started on April 01 2024 some will in October 1 2024 & so on
Nimmo Tai at her best.... No wonder she doesn't run in elections...
Looking at this tax, i am sure we are moving forward as capitalist country sharply. Soon all working class be working class if they don't open their own shop or become consultants 
Services like sanitary, mason, plumber, electrician , Gardner will enjoy their physical wealth fitness and fiscal wealth too while blue color working class will forever be paying their bills and hollywood movie dialogues like "How do i pay my bills" make more sense to them
The Union Budget 2024-25 effectively splits property sellers into two categories: those who purchased or inherited properties before 2001 and those who did so in 2001 or later. Sellers in the first category continue to benefit from indexation, which adjusts the purchase price of the property for inflation, thus reducing taxable gains. They will also enjoy a reduced LTCG tax rate of 12.5%, down from the previous 20%.
In contrast, sellers in the second category lose the benefit of indexation, meaning their capital gains will be calculated based on the actual purchase price and sale price without any inflation adjustment. They, too, benefit from the lowered LTCG tax rate of 12.5%, but without the cushioning effect of indexation. For instance, an apartment purchased in 2003 will see its capital gains calculated solely based on the difference between the purchase price and the sale price, but at the new 12.5% LTCG rate.
Finance Secretary Somanathan asserted that the changes would not adversely impact the majority of property sellers. "In 95 per cent cases, this 12.5 per cent will benefit. Due to this change, the middle class will benefit," he said.
While the government's changes to the indexation benefit and the LTCG tax rate aim to simplify the tax process and potentially offer tax savings in many cases, the concerns raised by experts underscore the need to closely monitor the real-world impact of these adjustments on the real estate sector and taxpayers at large.
However, experts have voiced concerns, arguing that this shift could lead to a heavier tax burden for property sellers. "Investors will pay tax on the difference between the actual cost and the sale consideration without adjusting for inflation," noted an expert, suggesting that this could hinder the growth of the real estate sector.
Anupama Reddy, vice president and co-group head (corporate ratings) at ICRA, emphasized the potential negative effects, stating, "Despite the LTCG tax rate reduction, the removal of the indexation benefit for property sales would likely result in higher taxes. This is negative for the sector
https://www.businesstoday.in/union-budget/story...
Another one with better example if one understand CII
https://www.livemint.com/budget/budget-2024-no-...
Most of the above statement are at best partially true because there is a provision under taxation to offset LTCG buy investment in a new property or other assets in specified period of time and it's the most widely used mode of Taxation regime used
Second point is The indexation benifit doesn't unilaterally have advantage in all scenarios including PRE 2001 purchase or after that
The new taxation works in favour of certain cases particularly when HOLDING PERIOD EXCEEDS 5YR and THE RETURNS ARE IN MID TO LATE TEENS (14-17%) ....and it is a reasonably HIGH RETURN OVER a LONG TERM ASSET
THE NEW TAXATION regime DOESN'T WORK WHEN THE TENURE OF HOLDING IS LOW or RETURNS are UNNATURALLY HIGH like 19% and ABOVE where the TAX implications WORK LIKE HIGHER THE RETURNS HIGHER THE TAX.
Paltu ram ko resign kar dena chahiye... congress PM bana de use... tabhi BJP ko akal aaegi
Meanwhile I am thinking to go for agriculture...for real! There is no zero tax, plus one can get loan easily and get subsidy too...
It's high time instead of joining a company as an employee,join then as an organisation (your own chotu sa company) this way you can show expenses and employ your non earning family members like younger brother sister and give them some money as salary thus reducing your total profit and overall tax
Today I saw one article which says before 2018 there was no ltcg , in 2018 they introduced 10% and now 12.5%
Better to shop than trade
Inflation 6%
Salary growth 8%
Atleast tax slab shud increase by 12% every year 2x inflation for tax slabs upto 12lakh atleast
Old tax regime bund honewala hai
I think removing indexation and decreasing ltcg, may be better for may, for example if today I sell a property and with indexation total gains would be around 40 lacs with 20% ltcg, tax would be approx 8 lacs. Without indexation total gain is 60 lacs, with 12.5 % ltcg, then total tax would be 7.5 lacs. All in all, if someone property has appreciated a lot and selling in white, then the new tax is better. But if someone property has not appreciated much in many years, then old way is better
The new discussion point should be: 'What is your plan with ₹17,500/- tax saving?'.
'Ghanta Milega' is not an option included.
I'm planning to build another antilia in my village with this huge amount. 😮💨😮💨
We got ' 5 star ' bro. Khao or bas kho jao
. Where Sir!! Private me to nahi hai
Basically a middle finger😭
How Cleverly they are trying to leverage the increase of retailers in Stock Markets/MFs , trying to loot common man in every possible way.
and for those who use Old Tax regime - it feels like a crime now , while 99% of tax is coming from old regime folks , they are ignored completely.
Capital gains changes
1) Only two holding periods: 12 and 24 months
2) Gold, debentures, bonds will be 24M (along with unlisted shares and RE)
3) All listed securities (incl bonds) will be 12M
4) STCG increased from 15% to 20%
5) All LTCG is 12.5%. No indexation anymore. This is important. Even for real estate!
6) LTCG upto 1.25 lakh is tax free (from 1 lakh earlier)
These changes are only from July 23 onwards. Meaning whatever you sold till today was under the older tax, even in this financial year.
NO INDEXATION 🥹🥹
Property LTCG now 12.5%
@1_DAY_U_MAY @TridentDG
@DEEPANGEORGE