• Standard deduction on salaried individuals is increased to ₹75,000 for the FY 2024-25 under the new tax regime.
• The family pension deduction limit has been increased to ₹25,000 from ₹ 15,000. 
• From FY 24-25, the limit on the exemption of Long Term Capital Gains on the transfer of equity shares or equity-oriented units or units of Business Trust is proposed to be increased from Rs.1 Lakh to Rs.1.25 lakh per year. The rate at which it is taxed is also proposed to be increased from 10% to 12.5%. 
• For transfers taking place on or after July 23rd, 2024 taxation of STCG for listed equity shares, a unit of an equity-oriented fund, and a unit of a business trust has been increased to 20% from 15%
• For long term capital gains (LTCG) on other assets, the tax rate has been reduced to 12.% for transfers made from 23rd July, 2024. However, indexation benefit while calculating LTCG has also been removed for such transfers.
• Further, options have been given to resident Individuals and HUFs for calculation of LTCG on sale of land and building made on or after 23rd July, 2024 (where acquisition has been made on or before 22nd July, 2024 and is classified as long term capital assets), the options available are as under:
  • Calculate LTCG without indexation and pay tax at 12.5% or;
  • Calculate LTCG with indexation and pay tax at 20%.
• The TDS rate of 5% on specified payments has been reduced to 2%, and the TDS of 20% charged on repurchasing units by mutual funds or UTI under section 194F has been omitted.
• TDS on E-commerce has been reduced from 1% to 0.1%
• The budget for 2024 has abolished the Angel tax.
• Security transaction tax (STT)  on Futures and Options has been increased from 0.02% to 0.1%. 

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