Union Budget 2024

Budget 2024 Key Highlights & Updates, Union Budget 2024 Outcomes, New Income Tax Slab Announcements: Finance Minister Nirmala Sitharaman on Tuesday proposed a reduction in the basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent. 

The government has increased the standard deduction limit to ₹75,000, enabling the salaried class to save up to ₹17,500 in taxes under the new regime. This change, up from ₹50,000, was widely anticipated, with hopes initially set for a rise to ₹1 lakh. The government also announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read.

Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences. She added that two tax exemption regimes for charitable trusts will be merged into one.