Union Budget 2024-25: A Comprehensive Review and Simplification of Tax Structure (Part B)
Union Budget 2024-25 simplifies taxes, boosts investments, reduces compliance burdens, and supports domestic manufacturing with significant tax relief measures.
Table of Contents
- Relief for Salaried Individuals and Pensioners
- Comprehensive Review of Tax Structures
- Simplification of Tax Regimes
- Boosting Entrepreneurship and Investment
- Simplification of Direct Tax Regime
- Capital Gains Taxation
- Enhancing GST and Custom Duties
- Custom Duty Revisions
- Addressing Environmental Concerns
- Dispute Resolution and Litigation Reduction
Union Budget 2024 Part B FAQs
What is the increased standard deduction for salaried employees in the new tax regime?
The standard deduction has been increased from ?50,000 to ?75,000.
How much is the deduction on family pension for pensioners?
The deduction on family pension has been increased from ?15,000 to ?25,000.
What are the new income tax slabs under the revised tax regime?
The new slabs range from 0% for income up to ?3 lakh to 30% for income above ?15 lakh.
What major relief has been provided for start-ups?
The angel tax has been abolished for all classes of investors.
How has the corporate tax rate for foreign companies changed?
The corporate tax rate for foreign companies has been reduced from 40% to 35%.
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