{"id":64004,"date":"2024-02-01T12:43:56","date_gmt":"2024-02-01T07:13:56","guid":{"rendered":"https:\/\/www.seminarsonly.com\/news\/?p=64004"},"modified":"2024-02-01T13:21:14","modified_gmt":"2024-02-01T07:51:14","slug":"interim-budget-2024-for-salaried-employees","status":"publish","type":"post","link":"https:\/\/seminarsonly.com\/news\/interim-budget-2024-for-salaried-employees\/","title":{"rendered":"Interim Budget 2024 For Salaried Employees"},"content":{"rendered":"

Interim Budget 2024 For Salaried Employees<\/span><\/h1>\n

The combined whammy of an unstable labour market and rising living expenses without commensurate wage increases from employers has been especially hard for salaried professionals.<\/strong><\/em><\/p>\n

Budget 2023 was the most recent one, and it had a major statement for ordinary taxpayers, according to FM Sitharaman. Taxpayers’ personal income tax brackets have been raised by FM. The new tax rates are as follows: the Federal Ministry of Finance (FM) announced that individuals will not be taxed from 0 to 3 lakhs rupees, 5% from 3 to 6 lakhs rupees, 10% from 6 to 9 lakhs rupees, 15% from 9 to 12 lakhs rupees, 20% from 12 to 15 lakhs rupees, and 30% from 15 lakhs and above.<\/p>\n

“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs,” FM added.\"budget<\/p>\n

Although the budget address makes mention of strong tax revenues and stable implementation of GST, the middle class has not yet experienced this affluence. Some relief might have been offered by changes to 80C instruments, an increase to the standard deduction, or better exemptions for home loan interest.<\/p>\n

Therefore, it is reasonable for the salaried class to feel dissatisfied with personal taxes. It would be great if, as long as the big picture remains stable, we could see some reasonable compromises on people’s tax bills soon. According to Ashish Aggarwal, Director, Acube Ventures, “economic dividends accrue when more money remains in the hands of the middle class, which allows consumption-led growth to persist.”<\/p>\n

Also Read : roxxem com Live Login Game Code<\/a><\/h3>\n

Tax Relief 2024<\/span><\/h2>\n

To further improve tax payer services, proposal to roll out a next-generation\u00a0Common IT Return Form<\/strong>\u00a0for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.<\/p>\n

Rebate limit<\/strong>\u00a0of Personal Income Tax to be\u00a0increased 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

Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the\u00a0number of slabs to five<\/strong>\u00a0and\u00a0increasing the tax exemption limit to Rs. 3 lakh<\/strong>. Change to provide major relief to all tax payers in the new regime.<\/p>\n

New Tax Rates 2024<\/span><\/h2>\n\n\n\n\n\n\n\n\n\n
Total Income (Rs)<\/strong><\/b><\/td>\nRate (per cent)<\/strong><\/b><\/td>\n<\/tr>\n
Up to 3,00,000<\/td>\nNil<\/td>\n<\/tr>\n
From 3,00,001 to 6,00,000<\/td>\n5<\/td>\n<\/tr>\n
From 6,00,001 to 9,00,000<\/td>\n10<\/td>\n<\/tr>\n
From 9,00,001 to 12,00,000<\/td>\n15<\/td>\n<\/tr>\n
From 12,00,001 to 15,00,000<\/td>\n20<\/td>\n<\/tr>\n
Above 15,00,000<\/td>\n30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

INDIRECT TAXES<\/strong><\/span><\/h2>\n
    \n
  • Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.<\/li>\n
  • Minor changes in the basic custom duties, cesses and surcharges<\/strong>\u00a0on some items including toys, bicycles, automobiles and naphtha.<\/li>\n<\/ul>\n
      \n
    • Excise duty exempted on\u00a0GST-paid compressed bio gas<\/strong>\u00a0contained in blended compressed natural gas.<\/li>\n
    • Customs Duty on specified capital goods\/machinery for manufacture of\u00a0lithium-ion cell for use in battery of electrically operated vehicle (EVs)<\/strong>\u00a0extended to 31.03.2024<\/li>\n
    • 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
        \n
      • Customs duty on\u00a0camera lens and its inputs\/parts<\/strong>\u00a0for use in manufacture of camera module of cellular mobile phone\u00a0reduced to zero<\/strong>\u00a0and concessional duty on lithium-ion cells for batteries extended for another year.<\/li>\n
      • Basic customs duty reduced on\u00a0parts of open cells of TV panels<\/strong>\u00a0to 2.5 per cent.<\/li>\n<\/ul>\n
          \n
        • Basic customs duty on\u00a0electric kitchen chimney<\/strong>\u00a0increased to 15 per cent from 7.5 per cent.<\/li>\n
        • Basic customs duty on\u00a0heat coil for manufacture of electric kitchen<\/strong>\u00a0chimneys reduced to 15 per cent from 20 per cent.<\/li>\n<\/ul>\n
            \n
          • Denatured ethyl alcohol<\/strong>\u00a0used in chemical industry exempted from basic customs duty.<\/li>\n
          • Basic customs duty reduced on\u00a0acid 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
          • Basic customs duty on\u00a0crude glycerin<\/strong>\u00a0for use in manufacture of epicholorhydrin reduced to 2.5 per cent from 7.5 per cent.<\/li>\n<\/ul>\n
              \n
            • Duty reduced on key inputs for domestic manufacture of\u00a0shrimp feed<\/strong>.<\/li>\n<\/ul>\n
                \n
              • Basic customs duty reduced on seeds used in the manufacture of\u00a0lab grown diamonds<\/strong>.<\/li>\n<\/ul>\n
                  \n
                • Duties on articles made from\u00a0dore and bars of gold and platinum<\/strong>\u00a0increased.<\/li>\n
                • Import duty on\u00a0silver dore, bars and articles<\/strong>\u00a0increased.<\/li>\n<\/ul>\n
                    \n
                  • Basic Customs Duty exemption on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode continued.<\/li>\n
                  • Concessional BCD of 2.5 per cent on copper scrap is continued.<\/li>\n<\/ul>\n
                      \n
                    • Basic customs duty rate on\u00a0compounded rubber<\/strong>\u00a0increased to 25 per cent from 10 per cent or 30 per kg whichever is lower.<\/li>\n<\/ul>\n
                        \n
                      • National Calamity Contingent Duty (NCCD) on\u00a0specified cigarettes<\/strong>\u00a0revised upwards by about 16 per cent.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                        Interim Budget 2024 For Salaried Employees The combined whammy of an unstable labour market and rising living expenses without commensurate wage increases from employers has been especially hard for salaried…<\/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-64004","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nInterim Budget 2024 For Salaried Employees - Seminarsonly.com<\/title>\n<meta name=\"description\" content=\"The combined whammy of an unstable labour market and rising living expenses without commensurate wage increases from employers has been especially hard for salaried professionals.\" \/>\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-for-salaried-employees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim Budget 2024 For Salaried Employees\" \/>\n<meta property=\"og:description\" content=\"The combined whammy of an unstable labour market and rising living expenses without commensurate wage increases from employers has been especially hard for salaried professionals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-for-salaried-employees\/\" \/>\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=\"2024-02-01T07:13:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-01T07:51:14+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=\"4 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-for-salaried-employees\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-for-salaried-employees\/\"},\"author\":{\"name\":\"Freddy John\",\"@id\":\"https:\/\/seminarsonly.com\/news\/#\/schema\/person\/75cf706896b7210fb0a84651adc258bd\"},\"headline\":\"Interim Budget 2024 For Salaried Employees\",\"datePublished\":\"2024-02-01T07:13:56+00:00\",\"dateModified\":\"2024-02-01T07:51:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-for-salaried-employees\/\"},\"wordCount\":763,\"image\":{\"@id\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-for-salaried-employees\/#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-for-salaried-employees\/\",\"url\":\"https:\/\/seminarsonly.com\/news\/interim-budget-2024-for-salaried-employees\/\",\"name\":\"Interim Budget 2024 For Salaried Employees - 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