{"id":63999,"date":"2024-02-01T12:30:58","date_gmt":"2024-02-01T07:00:58","guid":{"rendered":"https:\/\/www.seminarsonly.com\/news\/?p=63999"},"modified":"2024-02-01T12:30:58","modified_gmt":"2024-02-01T07:00:58","slug":"interim-budget-2024-tax-relief","status":"publish","type":"post","link":"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/","title":{"rendered":"Interim Budget 2024 Tax Relief"},"content":{"rendered":"<h1><span style=\"color: #800000;\">Interim Budget 2024 Tax Relief<\/span><\/h1>\n<p><em><strong>Direct Tax proposals aim to maintain\u00a0continuity\u00a0and\u00a0stability\u00a0of taxation, further\u00a0simplify\u00a0and rationalise\u00a0various provisions to\u00a0reduce the compliance burden, promote the\u00a0entrepreneurial spirit\u00a0and provide tax relief to citizens.<\/strong><\/em><\/p>\n<p>Constant endeavour of the Income Tax Department to improve Tax Payers Services by making\u00a0<strong>compliance easy and smooth<\/strong>.<\/p>\n<h2><span style=\"color: #800000;\">Tax Relief 2024<\/span><\/h2>\n<p>To further improve tax payer services, proposal to roll out a next-generation\u00a0<strong>Common IT Return Form<\/strong>\u00a0for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.<\/p>\n<p><strong>Rebate limit<\/strong>\u00a0of Personal Income Tax to be\u00a0<strong>increased to Rs. 7 lakh<\/strong>\u00a0from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.<\/p>\n<p>Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the\u00a0<strong>number of slabs to five<\/strong>\u00a0and\u00a0<strong>increasing the tax exemption limit to Rs. 3 lakh<\/strong>. Change to provide major relief to all tax payers in the new regime.<\/p>\n<h2><span style=\"color: #800000;\">New Tax Rates 2024<\/span><\/h2>\n<table style=\"height: 355px;\" width=\"654\">\n<tbody>\n<tr>\n<td><b><strong>Total Income (Rs)<\/strong><\/b><\/td>\n<td><b><strong>Rate (per cent)<\/strong><\/b><\/td>\n<\/tr>\n<tr>\n<td>Up to 3,00,000<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>From 3,00,001 to 6,00,000<\/td>\n<td>5<\/td>\n<\/tr>\n<tr>\n<td>From 6,00,001 to 9,00,000<\/td>\n<td>10<\/td>\n<\/tr>\n<tr>\n<td>From 9,00,001 to 12,00,000<\/td>\n<td>15<\/td>\n<\/tr>\n<tr>\n<td>From 12,00,001 to 15,00,000<\/td>\n<td>20<\/td>\n<\/tr>\n<tr>\n<td>Above 15,00,000<\/td>\n<td>30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>Proposal to\u00a0<strong>extend the benefit of standard deduction<\/strong>\u00a0of Rs. 50,000 to salaried individual, and deduction from family pension up to Rs. 15,000, in the new tax regime.<\/li>\n<li><strong>Highest surcharge rate to reduce<\/strong>\u00a0from 37 per cent to 25 per cent in the new tax regime. This to further result in reduction of the maximum personal income tax rate to 39 per cent.<\/li>\n<li>The limit for tax exemption on\u00a0<strong>leave encashment<\/strong>\u00a0on retirement of non-government salaried employees to increase\u00a0<strong>to Rs. 25 lakh<\/strong>.<\/li>\n<li>The new income tax regime to be made the\u00a0<strong>default tax regime<\/strong>. However, citizens will continue to have the option to avail the benefit of the old tax regime.<\/li>\n<li><strong>Enhanced limits for micro enterprises and certain professionals<\/strong>\u00a0for availing the benefit of presumptive taxation proposed. Increased limit to apply only in case the amount or aggregate of the amounts received during the year, in cash, does not exceed five per cent of the total gross receipts\/turnover.<\/li>\n<li>Deduction for expenditure incurred on payments made to MSMEs to be allowed only when payment is actually made in order to support MSMEs in timely receipt of payments.<\/li>\n<li><strong>New co-operatives<\/strong>\u00a0that commence manufacturing activities till 31.3.2024 to get the\u00a0<strong>benefit of a lower tax rate<\/strong>\u00a0of 15 per cent, as presently available to new manufacturing companies.<\/li>\n<li>Opportunity provided to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure. This expected to provide them a relief of almost Rs. 10,000 crore.<\/li>\n<\/ul>\n<ul>\n<li>Provision of a\u00a0<strong>higher limit of Rs. 2 lakh per member<\/strong>\u00a0for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).<\/li>\n<\/ul>\n<ul>\n<li>A\u00a0<strong>higher limit of Rs. 3 crore for TDS<\/strong>\u00a0on cash withdrawal to be provided to co-operative societies.<\/li>\n<\/ul>\n<ul>\n<li><strong>Date of incorporation<\/strong>\u00a0for income tax benefits to start-ups to be\u00a0<strong>extended<\/strong>\u00a0from 31.03.23 to 31.3.24.<\/li>\n<li>Proposal to provide the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.<\/li>\n<\/ul>\n<ul>\n<li>Deduction from capital gains on investment in residential house under sections 54 and 54F to be capped at Rs. 10 crore for better targeting of tax concessions and exemptions.<\/li>\n<li>Proposal\u00a0<strong>to limit income tax exemption<\/strong>\u00a0from proceeds of\u00a0<strong>insurance policies with very high value.<\/strong>\u00a0Where aggregate of premium for life insurance policies (other than ULIP) issued on or after 1st April, 2023 is above Rs. 5 lakh, income from only those policies with aggregate premium up to Rs. 5 lakh shall be exempt.<\/li>\n<\/ul>\n<ul>\n<li>Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns and villages, and regulating, or regulating and developing an activity or matter, proposed to be exempted from income tax.<\/li>\n<li><strong>Minimum threshold<\/strong>\u00a0of Rs. 10,000\/- for\u00a0<strong>TDS to be removed<\/strong>\u00a0and taxability relating to online gaming to be clarified. Proposal to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.<\/li>\n<li>Conversion of gold into electronic gold receipt and vice versa not to be treated as capital gain.<\/li>\n<li>TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.<\/li>\n<li>Income from Market Linked Debentures to be taxed.<\/li>\n<li>Deployment of about 100 Joint Commissioners for disposal of small appeals in order to reduce the pendency of appeals at Commissioner level.<\/li>\n<li>Increased selectivity in taking up appeal cases for scrutiny of returns already received this year.<\/li>\n<li>Period of\u00a0<strong>tax benefits<\/strong>\u00a0to funds relocating to\u00a0<strong>IFSC, GIFT City<\/strong>\u00a0extended till 31.03.2025.<\/li>\n<li>Certain acts of omission of liquidators under section 276A of the Income Tax Act to be\u00a0<strong>decriminalized<\/strong>\u00a0with effect from 1st April, 2023.<\/li>\n<li>Carry forward of losses on strategic disinvestment including that of IDBI Bank to be allowed.<\/li>\n<li><strong>Agniveer Fund<\/strong>\u00a0to be provided\u00a0<strong>EEE status<\/strong>. The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 proposed to be exempt from taxes. Deduction in the computation of total income is proposed to be allowed to the Agniveer on the contribution made by him or the Central Government to his Seva Nidhi account.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-64001 aligncenter\" src=\"https:\/\/www.seminarsonly.com\/news\/wp-content\/uploads\/2024\/02\/budget-2024-tax-relief.jpg\" alt=\"budget 2024 tax relief\" width=\"590\" height=\"386\" srcset=\"https:\/\/seminarsonly.com\/news\/wp-content\/uploads\/2024\/02\/budget-2024-tax-relief.jpg 590w, https:\/\/seminarsonly.com\/news\/wp-content\/uploads\/2024\/02\/budget-2024-tax-relief-300x196.jpg 300w\" sizes=\"(max-width: 590px) 100vw, 590px\" \/><\/p>\n<h2><span style=\"color: #800000;\"><strong>INDIRECT TAXES<\/strong><\/span><\/h2>\n<ul>\n<li>Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.<\/li>\n<li><strong>Minor changes in the basic custom duties, cesses and surcharges<\/strong>\u00a0on some items including toys, bicycles, automobiles and naphtha.<\/li>\n<\/ul>\n<ul>\n<li>Excise duty exempted on\u00a0<strong>GST-paid compressed bio gas<\/strong>\u00a0contained in blended compressed natural gas.<\/li>\n<li>Customs Duty on specified capital goods\/machinery for manufacture of\u00a0<strong>lithium-ion cell for use in battery of electrically operated vehicle (EVs)<\/strong>\u00a0extended to 31.03.2024<\/li>\n<li>Customs duty exempted on vehicles, specified automobile parts\/components, sub-systems and tyres when imported by notified testing agencies, for the purpose of testing and\/ or certification, subject to conditions.<\/li>\n<\/ul>\n<ul>\n<li>Customs duty on\u00a0<strong>camera lens and its inputs\/parts<\/strong>\u00a0for use in manufacture of camera module of cellular mobile phone\u00a0<strong>reduced to zero<\/strong>\u00a0and concessional duty on lithium-ion cells for batteries extended for another year.<\/li>\n<li>Basic customs duty reduced on\u00a0<strong>parts of open cells of TV panels<\/strong>\u00a0to 2.5 per cent.<\/li>\n<\/ul>\n<ul>\n<li>Basic customs duty on\u00a0<strong>electric kitchen chimney<\/strong>\u00a0increased to 15 per cent from 7.5 per cent.<\/li>\n<li>Basic customs duty on\u00a0<strong>heat coil for manufacture of electric kitchen<\/strong>\u00a0chimneys reduced to 15 per cent from 20 per cent.<\/li>\n<\/ul>\n<ul>\n<li><strong>Denatured ethyl alcohol<\/strong>\u00a0used in chemical industry exempted from basic customs duty.<\/li>\n<li>Basic customs duty reduced on\u00a0<strong>acid grade fluorspar<\/strong>\u00a0(containing by weight more than 97 per cent of calcium fluoride) to 2.5 per cent from 5 per cent.<\/li>\n<li>Basic customs duty on\u00a0<strong>crude glycerin<\/strong>\u00a0for use in manufacture of epicholorhydrin reduced to 2.5 per cent from 7.5 per cent.<\/li>\n<\/ul>\n<ul>\n<li>Duty reduced on key inputs for domestic manufacture of\u00a0<strong>shrimp feed<\/strong>.<\/li>\n<\/ul>\n<ul>\n<li>Basic customs duty reduced on seeds used in the manufacture of\u00a0<strong>lab grown diamonds<\/strong>.<\/li>\n<\/ul>\n<ul>\n<li>Duties on articles made from\u00a0<strong>dore and bars of gold and platinum<\/strong>\u00a0increased.<\/li>\n<li>Import duty on\u00a0<strong>silver dore, bars and articles<\/strong>\u00a0increased.<\/li>\n<\/ul>\n<ul>\n<li>Basic Customs Duty exemption on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode continued.<\/li>\n<li>Concessional BCD of 2.5 per cent on copper scrap is continued.<\/li>\n<\/ul>\n<ul>\n<li>Basic customs duty rate on\u00a0<strong>compounded rubber<\/strong>\u00a0increased to 25 per cent from 10 per cent or 30 per kg whichever is lower.<\/li>\n<\/ul>\n<ul>\n<li>National Calamity Contingent Duty (NCCD) on\u00a0<strong>specified cigarettes<\/strong>\u00a0revised upwards by about 16 per cent.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Interim Budget 2024 Tax Relief Direct Tax proposals aim to maintain\u00a0continuity\u00a0and\u00a0stability\u00a0of taxation, further\u00a0simplify\u00a0and rationalise\u00a0various provisions to\u00a0reduce the compliance burden, promote the\u00a0entrepreneurial spirit\u00a0and provide tax relief to citizens. Constant endeavour of&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-63999","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Interim Budget 2024 Tax Relief - Seminarsonly.com<\/title>\n<meta name=\"description\" content=\"Proposal to\u00a0extend the benefit of standard deduction\u00a0of Rs. 50,000 to salaried individual, and deduction from family pension up to Rs. 15,000, in the new tax regime.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim Budget 2024 Tax Relief\" \/>\n<meta property=\"og:description\" content=\"Proposal to\u00a0extend the benefit of standard deduction\u00a0of Rs. 50,000 to salaried individual, and deduction from family pension up to Rs. 15,000, in the new tax regime.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/\" \/>\n<meta property=\"og:site_name\" content=\"Seminarsonly.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/seminarsonly\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-01T07:00:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.seminarsonly.com\/news\/wp-content\/uploads\/2024\/02\/budget-2024-tax-relief.jpg\" \/>\n<meta name=\"author\" content=\"Freddy John\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@seminarsonly\" \/>\n<meta name=\"twitter:site\" content=\"@seminarsonly\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Freddy John\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/\"},\"author\":{\"name\":\"Freddy John\",\"@id\":\"https:\/\/seminarsonly.com\/news\/#\/schema\/person\/75cf706896b7210fb0a84651adc258bd\"},\"headline\":\"Interim Budget 2024 Tax Relief\",\"datePublished\":\"2024-02-01T07:00:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/\"},\"wordCount\":1227,\"image\":{\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.seminarsonly.com\/news\/wp-content\/uploads\/2024\/02\/budget-2024-tax-relief.jpg\",\"articleSection\":[\"news\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/\",\"url\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-tax-relief\/\",\"name\":\"Interim Budget 2024 Tax Relief - 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