10 key highlights of Union Budget 2024

Finance Minister Nirmala Sitharaman announced the Union Budget 2024 on Tuesday, bringing several important changes and relief measures for taxpayers. 

Here are ten key highlights of the Union Budget 2024:

-The new income tax regime will see a major relief. The standard deduction for salaried employees under this regime will increase from ₹50,000 to ₹75,000.

-New tax rates under the new regime are as follows:
   - Rs 0-3 lakh: Nil
   - Rs 3-7 lakh: 5%
   - Rs 7-10 lakh: 10%
   - Rs 10-12 lakh: 15%
   - Rs 12-15 lakh: 20%
   - Above Rs 15 lakh: 30%

-Due to the changes, salaried employees will save up to Rs 17,500 annually in taxes.

-The deduction on family pension will be increased from Rs 15,000 to Rs 25,000, benefiting 4 crore salaried individuals and pensioners.

-The deduction limit for the employer's contribution to the National Pension System (NPS) will be raised from 10% to 14%.

-The TDS rate on e-commerce transactions will be reduced to 0.1%, making online transactions smoother.

-The government will release standard operating procedures for TDS defaults and decriminalise TDS delay up to the tax filing date.

-The monetary limit for filing tax appeals will be increased to Rs 60 lakhs for ITAT, Rs 2 crore for high courts, and Rs 5 crore for the Supreme Court.

-The Angel Tax has been abolished, providing relief to startups.

-The corporate tax rate for foreign companies will be reduced from 40% to 35%.