Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. Informing that fiscal deficit estimated at 4.9% of GDP, Sitharaman said that the people have reposed their faith in the government led by PM Modi and re-elected it for the historic third term.
Talking about India's economic growth, Sitharaman said that it continues to shine. "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP...Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies..."
Sitharaman said, "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months." and added, "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."
HERE ARE THE DETAILS OF TAX SLABS:
The standard deduction will be increased from Rs 50,000 to Rs 75,000 for those who opted for the new tax regime.
- 0-3 lakh: Nil
- 3-7 lakh: 5%
- 7-10 lakh: 10%
- 1-12 lakh 15%
- 12-15 lakh 20%
- Above 15 lakh: 30%
