30/09/2024
On Tax front :
Tax Relief :
- 25% tax for all the companies with annual turnover of Rs 400 crore.
*Deduction of interest on loan taken to purchase self-occupied house property was increased from Rs. 1.5 lakh to Rs 2 lakh. - Holding period for long-term gain on immovable property was reduced from 36 months to 24 months.
- Government waives MDR charges on cashless payment.
Direct Tax :
- 25% tax for all the companies with annual turnover of Rs 400 crore.
- TDS @ 2% on cash withdraw more than 1 crore in a year from a bank account.
- Surcharge for individuals having an income between 2-5 crore @ 3% and for those having 5 crore and above @ 7%
Indirect Taxes :
- GST rate reduced from 12% to 5 % for electrical cars. Also Income tax befit for interest paid of upto 1.5 lakhs for loan taken for electric vehicles.
- Rs 1 cess on petrol and diesel
- Custom duty on gold to increase from 10% to 12.5%.
Other important announcements :
- Fiscal deficit in FY 19 is at 3.3% of the GDP.
- India to become $3 trillion economy this year.
- Pension for shopkeeper and retailers having turnover of less than 1.5 crore.
- PM Karm Yogi scheme has been announced which will require only Aadhar card and a bank account to avail the benefit of the scheme.
- Public holding in listed firms may go up to 35% from the current 25%.
- Rs 70,000 crore for PSU banks.
- Social stock exchange to boost social schemes.
- 1.95 crore houses for the poor by 2022.