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