The Income Tax Budget 2024 brought some key changes that have caught the attention of taxpayers and investors alike. One major highlight is the extension of the standard deduction, providing relief to many individuals. However, the market was spooked by the increase in Long-Term Capital Gains (LTCG) tax rates.
Here’s a quick rundown of what you need to know:
1. Standard Deduction Extended: The Budget announced an extension of the standard deduction, which will benefit taxpayers by reducing their taxable income.
2. LTCG Hike: The increase in LTCG tax rates has caused concern among investors, leading to some volatility in the market.
3. Other Changes: The Budget also introduced some other changes, such as adjustments to tax slabs and deductions, which may impact individual taxpayers differently.
Overall, the Income Tax Budget 2024 has brought both relief and challenges for taxpayers and investors. It’s important to stay informed and consult with a financial advisor to understand how these changes may affect you.