Budget 2024: What's gonna save your wallet and what's gonna make it cry?

What's Cheaper

Mobile Phones and Accessories: The customs duty on mobile phones, chargers, and accessories has been reduced to 15%.

Gold, Silver, and Platinum: The customs duty on gold and silver is reduced to 6%, and on platinum to 6.4%.

Cancer Medicines and X-ray Equipment: Three major cancer treatment medicines and X-ray equipment are now exempt from basic customs duty.

Fish and Fish Products: The customs duty on fish, broodstock, shrimp, polychaete worms, and fish feed is reduced to 5%.

Essential Metals & Minerals: Customs duty on ferro nickel, blister copper, and 25 critical minerals has been removed. Duty for manufacturing resistors (oxygen-free copper) is also removed.

Solar Panels and Leather Goods: More items for manufacturing solar panels are exempted, and customs duty on leather goods is reduced.

What's Costlier

Plastic Products: The customs duty on plastic products and related goods has been increased.

Ammonium Nitrate: The customs duty on ammonium nitrate has increased from 7.5% to 10%.

Telecom Equipment: The customs duty on telecom equipment has increased from 10% to 15%.

Imported Garden Umbrellas and Laboratory Chemicals: The customs duty on these items has also increased.

Income Tax Changes

The capital gains exemption limit on certain financial assets has been raised to ₹1.25 lakh per year for the middle and upper middle class.

The standard deduction for salaried employees under the new tax regime has increased from ₹50,000 to ₹75,000.

Securities Transaction Tax (STT) Changes

STT on sale of options in securities will increase from 0.0625% to 0.1% of the option premium.

STT on sale of futures in securities will increase from 0.0125% to 0.02% of the futures price.