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<\/figure>\n<\/div>\n\n\nThese changes aim to provide more disposable income to the middle class and encourage the adoption of the new tax regime, which is now the default unless taxpayers opt for the old regime. The budget also announced a comprehensive review of the Income Tax Act to simplify tax norms and reduce litigation.<\/p>\n\n\n\n
2. Standard Deduction<\/strong><\/p>\n\n\n\n The standard deduction for salaried employees has been increased from \u20b9 50,000 to \u20b9 75,000 under the new tax regime.<\/p>\n\n\n\n 3.<\/strong> Deduction of family pension<\/strong><\/p>\n\n\n\n The deduction of family pension for pensioners has been increased from \u20b9 15,000 to \u20b9 25,000.<\/p>\n\n\n\n 4. Capital Gains Tax<\/strong><\/p>\n\n\n 4. Notes:<\/strong><\/p>\n\n\n\n 1) Annual LTCG exempt amount hiked from \u20b9 1 lakh to \u20b9 1.25 lakhs for stocks and equity mutual funds.<\/p>\n\n\n\n 2) All changes are effective for assets sold on 23rd<\/sup> July 2024.<\/p>\n\n\n\n 3) Other than those investing 90% in equity ETFs<\/p>\n\n\n\n 4) With indexation<\/p>\n\n\n\n 5. National Pension System (NPS)<\/strong><\/p>\n\n\n\n The budget has come up with the NPS Vatsalya Scheme, an investment scheme for parents and guardians of minors. Under this scheme, parents or guardians can open an account for their minor children and contribute to their retirement savings. When the age of majority is reached, the plan can be converted seamlessly into a regular NPS account.<\/p>\n\n\n\n 6. Old Tax Regime<\/strong><\/p>\n\n\n\n There are no changes to the old tax regime.<\/p>\n\n\n\n 7. Our Thoughts<\/strong><\/p>\n\n\n\n As Benjamin Franklin says, \u201cIn this world, nothing can be said to be certain except death and taxes.\u201d The Union Budget 2024, announced by Finance Minister Nirmala Sitharaman, has brought several significant changes to personal finance, particularly in income tax slabs, standard deductions, and capital gains tax. 1. New Income Tax Slabs for FY 2024-25 (New Tax Regime) These changes aim to provide more disposable income to the middle class and encourage the…<\/p>\n","protected":false},"author":4,"featured_media":712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-personal-finance"],"yoast_head":"\n![\"\"](\"https:\/\/www.naikwealth.in\/blog\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-24-161627-1.png\")
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Although a change in income tax laws impacts your earnings, staying focused on your financial goals and aspirations is essential.
Please ensure you review your financial plan regularly with a trusted advisor so that it is on track with your aspirations and any deviations can be addressed.<\/p>\n","protected":false},"excerpt":{"rendered":"