India Budget 2024: Equalization Levy Withdrawn, Tax Reliefs Announced
Jul 23, 2024 12:37
India's Finance Minister Nirmala Sitharaman announced the withdrawal of the 2% equalization levy in the Union Budget 2024-25. Other key changes include tax relief for salaried employees and increased NPS deduction.
Photograph: Jitender Gupta/ANI Photo
New Delhi, Jul 23 (PTI) The government on Tuesday announced withdrawal of the 2 per cent equalisation levy.
Presenting the Budget for 2024-25 in the Lok Sabha, Finance Minister Nirmala Sitharaman said the standard deduction for salaried employees will be hiked to Rs 75,000, from Rs 50,000 under new income tax regime in FY25.
The government raised the deduction limit to 14 per cent from 10 per cent for employers' contribution for the National Pension System (NPS).
Besides, the government proposed to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.
The finance minister added that salaried employees under the new tax regime will save up to Rs 17,500 annually in taxes due to the changes proposed in the FY25 Budget. PTI MSS RR
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