New Income Tax Slab Budget 2024 Live Updates:
Finance Minister Nirmala Sitharaman has increased the standard deduction to Rs 75,000 and adjusted tax slabs under the new income tax regime to provide more money to the salaried class. Additionally, the deduction on family pensions for pensioners has been enhanced from Rs 15,000 to Rs 25,000.
Prateek Toshniwal, Co-founder of IVY Growth Associates and Partner at MI CAPITAL Services, stated that promoting private investment in infrastructure will significantly aid job creation and venture capital funding. He believes that encouraging private investment will be a game-changer for the industry, especially with the center allocating Rs. 11,11,111 crore for capital expenditure, amounting to 3.4% of GDP. This allocation is expected to not only boost infrastructure development but also create more job opportunities across various sectors. Additionally, it will attract venture capital funding, stimulate economic growth, and support innovation in infrastructure, leading to long-term growth and a more robust and resilient economy.
A notable relief for investors is the abolition of the angel tax, aimed at bolstering the Indian startup ecosystem. Furthermore, the Finance Minister announced changes to long-term capital gains tax, introducing a new rate of 12.5% on all financial and non-financial assets, along with an exemption limit of Rs. 1.25 lakh per annum. This development is expected to provide clarity and predictability to the budget, encouraging long-term investment and contributing to the country's economic growth.
4o
