Union Budget 2024
Union Budget 2024 was announced by FM Nirmala Sitharaman. Here are some important highlights:
Changes in capital gains tax

-STCG on financial assets increased from 15% to 20%.
-LTCG on financial and non-financial assets increased from 10% to 12.5%.
-Exemption on LTCG gains increased from Rs 1 lakh to Rs 1.25 lakh.

Increase in STT

Securities Transaction Tax (STT) on:

Futures: increased from 0.0125% to 0.02%.
Options: increased from 0.0625% to 0.10%.
Buyback of shares

-Gains from buyback of shares are no more tax-exempt. It would now be taxable like dividends, as per the applicable tax slab.

-Further, the cost of such shares shall be treated as a capital loss to the investor.

Revised tax regime

Structure for the new income tax regime has been revised. New tax slabs:

-Rs 0 to Rs 3 lakh: 0%
-Rs 3 to Rs 7 lakh: 5%
-Rs 7 to Rs 10 lakh: 10%
-Rs 10 to Rs 12 lakh: 15%
-Rs 12 to Rs 15 lakh: 20%
-Above Rs 15 lakh: 30%

Note: There is usually only one budget announced in a financial year. But in Lok Sabha election years, there are 2 budget announcements: one in February (like every year) and one in July (after elections).