Important Pointers from Budget 2024 for Middle Class

Increased Standard Deduction

Standard deduction for salaried individuals raised to ₹75,000 from ₹50,000.

Long Term Capital Gains Tax

Long Term Capital Gains tax increased from 10% to 12.5%.

Revised Tax Structure

Tax structure revised under the new tax regime.

No Tax for Income Up to ₹7 Lakh

No tax liability for income up to ₹7 lakh under the new tax regime.

Increased Securities Transaction Tax (STT)

STT on futures increased to 0.02%, and on options to 0.1%.

Reduced Customs Duty

Customs duty reduced on mobile phones, gold, and silver.

Education Allocation

Government allocates ₹1.48 lakh crore for education, employment, and skills.

Healthcare Exemptions

Three cancer treatment medicines exempted from basic customs duty.

Key Takeaways

Budget 2024 provides significant tax relief, boosts education funding, and supports healthcare.