Bimal Jain
Quick Summary
Direct Tax This Budget, being the first Budget in Amrit Kaal, hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. The economic agenda for achieving this vision focuses on three things: facilitating ample opportunities for citizens, especia
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FAQ :
For individuals and HUFs, the new tax rates under Section 115BAC are: Nil up to Rs 3,00,000; 5% from Rs 3,00,001 to Rs 6,00,000; 10% from Rs 6,00,001 to Rs 9,00,000; 15% from Rs 9,00,001 to Rs 12,00,000; 20% from Rs 12,00,001 to Rs 15,00,000; and 30% above Rs 15,00,000.
Yes, under the new tax regime, an individual resident in India will be entitled to a 100% rebate on income tax payable if their total income does not exceed Rs 7 lakh, effective from AY 2024-25.
For eligible businesses under Section 44AD, the threshold limit for presumptive taxation increases to Rs 3 crore if cash receipts do not exceed 5% of total turnover. For specified professionals under Section 44ADA, the limit increases to Rs 75 lakh if cash receipts do not exceed 5% of total gross receipts, both effective from AY 2024-25.
Income from online gaming winnings will be taxed at a flat rate of 30% on net winnings. Tax Deduction at Source (TDS) at 30% will also be applicable on net winnings, with provisions for deduction at the time of withdrawal from user accounts.
Yes, for life insurance policies (excluding ULIPs) issued on or after April 1, 2023, the income will not be exempt if the annual premium exceeds Rs 5 lakh. For multiple policies, the aggregate premium must not exceed this limit. Sums received on death remain exempt.
Yes, the period of incorporation for eligible startups to claim the tax holiday under Section 80-IAC has been extended by one more year, allowing incorporation up to April 1, 2024.
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