New Delhi. Finance Minister Nirmala Sitharaman today presented the Union Budget for the financial year 2024-25 in the Lok Sabha. The Finance Minister has started reading the budget speech. The Finance Minister said that India's economic development is an excellent example for the world. India will continue to move forward on the path of progress in this way. Efforts are being made to bring inflation to 4 percent.

Regarding the budget, Prime Minister Narendra Modi also said that the general budget will be an important budget of Amritkaal. Apart from setting our direction for the next five years, it will also lay the foundation of a developed India by 2047.

This time in the Union Budget, the government had the opportunity to improve the taxation provisions for salaried individuals. Finance Minister Nirmala Sitharaman did not make any major changes related to taxation during her interim budget speech. However, she said that about one crore people would get tax benefits.

This time the Finance Minister has made a provision of 5% tax on three to seven lakh rupees in the new tax system. The Finance Minister said in the budget speech that taxpayers will not have to pay any tax on income up to three lakh rupees. A provision of 10% tax has been made for those with income between seven to ten lakh rupees. According to the Finance Minister, four crore people will get the benefit of up to Rs 17,500 in the new tax system due to the new announcements.

How much tax will people with how much income have to pay

Upto Rs.3,00,000 : Nil

Rs.3,00,001 to Rs.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%

Above Rs 15,00,000: 30%

Finance Minister announced the removal of Angel Tax, know the main points

• In the case of charities, there will be one tax exemption regime instead of two separate regimes.
• In the new tax regime, the standard deduction has been increased from Rs 50,000 to Rs 75,000.
• There will be a provision of two percent TDS instead of five percent TDS for various payments.
• 20 per cent TDS on re-purchase of mutual funds or UTI has been withdrawn.
• TDS for e-commerce operators has been reduced from 1 per cent to 0.1 per cent.
• Work on Jan Vishwas-2.O for tax resolution is in progress
• TDS on repurchase of mutual funds abolished
• Short Term Capital Gain Tax Rate 20%
• Will review the income tax law in six months
• Angel tax removed

Before knowing the expectations of taxpayers from the budget, let us know what announcements were made by the Finance Minister in the last budget?

Last time the Finance Minister had talked about withdrawing the old tax demand notices. During the interim budget, the Finance Minister had announced that the government will withdraw disputes up to Rs 25,000 related to direct tax demands (demand notices) pending till the year 2009-10 from all the old tax disputes that have been going on since 1962.

Similarly, it was decided to withdraw cases related to direct tax demands up to Rs 10,000 pending between 2010-11 to 2014-15.

The Finance Minister had announced to extend the deadline for tax benefits for investors in startups and pension funds from 31 March 2024 to 31 March 2025. In such a situation, this budget opened the way for investors in startups to get one year of additional tax benefits.

Finance Minister Nirmala Sitharaman had said in her interim budget speech that direct tax collection has increased more than three times in the last 10 years. During this period, the number of people filing tax returns has increased by 2.4 times.

The Finance Minister had also said that the time taken by taxpayers to get tax refund after filing income tax return has reduced. Earlier it used to take an average of 93 days, now it has been reduced to 10 days.

The Finance Minister had claimed to make the tax system rational

In his budget speech, the Finance Minister assured the taxpayers that their contribution has been used judiciously for the development of the country and the welfare of the people. In his budget speech, the Finance Minister said that the government has reduced the tax rates and made them judicious.

Under the new tax scheme, now there is no tax liability for taxpayers having income up to Rs. 7 lakhs. Whereas in the financial year 2013-14, only taxpayers having income up to Rs. 2.2 lakhs were exempted from tax liability. Talking about the facilities provided to taxpayers, he said that in the last five years, our special emphasis has been on improving taxpayer services.