New Tax Rates Budget 2024

New Tax Rates Budget 2024

The new tax regime slab has been revised as follows:

0-3 lakhs -Nil, 

3-7 Lakhs - 5 percent, 

7-10 lakhs - 10 percent, 

10-12 lakhs - 15 percent, 

12-15 lakhs - 20 percent and above 

15 lakhs- 30 percent," as announced by the Finance Minister during the budget presentation.

Budget 2024 Key Highlights Live: Changes in Capital Gains Taxes

Budget 2024 Key Highlights Live: The taxation of capital gains is proposed to be rationalised and simplified, FM Sitharaman said.

Short term gains tax on specified financial assets raised to 20% from 15%, while that on all other financial assets and non-financial assets shall continue to attract the applicable tax rate.

Long term gains tax on all financial and non-financial assets raised to 12.5%. It is proposed to increase the limit of exemption of capital gains on certain listed financial assets from ₹1 lakh to ₹1.25 lakh per year.

Listed financial assets held for more than a year will be classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term. 

Unlisted bonds and debentures, debt mutual funds and market linked debentures, irrespective of holding period, will attract tax on capital gains at applicable rates.

Key changes new tax regime