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24-25

23 July 2024

Share with me the Synopsis of the union Budget 2024-25.

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (8158 Points)
Replied 24 July 2024

Here is a detailed synopsis of the Union Budget 2024-25 ¹: *Tax Announcements* - *New Tax Regime*: New tax slabs announced with no tax up to Rs 3 lakh income, 5% for Rs 3-7 lakh, 15% for Rs 10-12 lakh, 20% for Rs 12-15 lakh, and 30% for above Rs 15 lakh. - *Standard Deduction*: Raised from Rs 30,000 to Rs 75,000 under the New Tax Regime. - *Capital Gains Tax*: Simplified with short-term capital gains reduced to 20% and long-term capital gains to 12.5% for some assets. - *Securities Transaction Tax (STT)*: Increased to 0.1% from 0.0625% on the sale of an Option. *Job Incentives* - *Employer NPS Deduction*: Increased to 14% from 10%. - *Job Creation*: Allocation of Rs 2 lakh crore for job creation over 5 years. - *New Employment Skilling Scheme*: To provide skills to 20 lakh youth in 5 years. *Other Key Highlights* - *Custom Duty*: Reduced on gold, silver, and platinum, and increased on specified telecom equipment and non-biodegradable plastics. - *Fiscal Deficit*: Projected to be 4.9% of GDP for the current fiscal year, with a target to reduce it to 4.5% by the end of next year. - *Infrastructure*: Capital expenditure outlay maintained at Rs 11.1 lakh crore, with a record allocation of Rs 2,62,200 crore for railways.

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