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Union Budget 2024-25: Significant Tax Changes Announced

admin — Tue, 23 Jul 2024 11:39:12 +0000

New Delhi, July 23, 2024 – In today’s Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced several significant changes aimed at increasing revenue and streamlining the tax structure. The Long-Term Capital Gains (LTCG) tax rate has been increased from 10% to 12.5% on all financial and non-financial assets, and the exemption limit for LTCG has been raised to ₹1.25 lakh from ₹1 lakh in certain cases. The Short-Term Capital Gains (STCG) tax rate on certain financial securities has been increased from 15% to 20%. Additionally, the Securities Transaction Tax (STT) on futures and options (F&O) trades has been increased to 0.02% and 0.01%, respectively. These changes are part of a broader effort to increase revenue and simplify the tax structure.

New income tax slabs were also announced, with the new regime setting rates as follows: up to ₹3,00,000: nil; ₹3,00,001 to ₹7,00,000: 5%; ₹7,00,001 to ₹10,00,000: 10%; ₹10,00,001 to ₹12,00,000: 15%; ₹12,00,001 to ₹15,00,000: 20%; and above ₹15,00,000: 30%. Key changes include an increase in the standard deduction from ₹50,000 to ₹75,000 for salaried individuals and pensioners, an increase in the standard deduction for family pensioners from ₹15,000 to ₹25,000, and a rise in the deduction on the employer’s contribution to the National Pension System (NPS) for private sector employees from 10% to 14%. These measures aim to provide more relief to taxpayers and simplify the tax structure.

Impact of Anant Ambani’s Extravagant Wedding on Indian Stock Market

admin — Tue, 23 Jul 2024 11:34:13 +0000

Anant Ambani, son of billionaire Mukesh Ambani, recently tied the knot in a lavish three-day celebration that captured global attention. The opulence of the event, attended by high-profile guests from around the world, had indirect implications for the Indian stock market. While the wedding itself didn’t directly influence stock prices, it contributed to a positive sentiment. India’s growing pool of captive capital and Prime Minister Narendra Modi’s investment appeals further fueled this optimism. As a result, the market maintained high valuations, with the MSCI India Index trading at twice the price-to-earnings ratio of other emerging markets. In summary, the Ambani wedding symbolized India’s economic prowess and left a favorable impression on investors and business enthusiasts alike.

Indian stock market benchmark indices, Sensex and Nifty 50, are experiencing heightened volatility ahead of the Union Budget 2024

admin — Tue, 23 Jul 2024 11:28:36 +0000

Indian stock market benchmark indices, Sensex and Nifty 50, are experiencing heightened volatility ahead of the Union Budget 2024 presentation by Finance Minister Nirmala Sitharaman on Tuesday, July 23.

As the first full budget of the Modi 3.0 government, Budget 2024 is widely anticipated to be growth-oriented, with a key focus on capital expenditure (capex) and fiscal prudence. Market volatility is expected to remain high during the budget presentation due to sector-specific announcements impacting stock prices.

“Budget days are usually very volatile, with indices often moving in both directions throughout the day. Market participants expect the Union Budget 2024 to balance growth-driven initiatives with populist measures, focusing on digital infrastructure, fiscal discipline, and support for key sectors like manufacturing and agriculture to stimulate economic development,” said Rahul Ghose, CEO of Hedged.in.