Budget 2024 Income Tax Updates. In the union budget 2024 income tax, the proposed changes to the rates under the new tax regime include significant relief for salaried employees and pensioners. The centre on friday issued a $1.4 billion ( ₹ 11,842 crore) notice to german auto giant volkswagen for allegedly evading taxes by “wilfully” paying lesser import taxes on.
Key tax reforms include rationalising capital gains tax, reassessment timelines, and tds/tcs framework, abolishing angel tax and equalisation levy, introducing a specific tax regime for domestic cruises, increasing the standard deduction. Finance minister nirmala sitharaman announced a marginal income tax relief for the middle class while presenting union budget.