India Budget 2024: Key Tax Reforms, Incentives & Compliance Updates You Should Know
The Union Budget 2024 introduces a range of impactful tax reforms and fiscal measures aimed at simplifying compliance, boosting foreign and domestic investment, and supporting innovation and sustainability. From revised income tax slab rates to capital gains tax changes and targeted benefits for the International Financial Services Centre (IFSC), this budget lays a renewed focus on transparency, digitalization, and inclusive growth.
Some of the key highlights include:
- Updated personal income tax slabs with increased exemptions under the new regime, offering higher savings for middle-income taxpayers.
- Capital gains tax overhaul, including removal of indexation for certain assets and adjusted holding periods.
- Corporate tax reduction for foreign companies from 40% to 35%, signaling India’s commitment to being business-friendly.
- Abolition of angel tax and the Equalization Levy on e-commerce, enhancing the startup and digital economy ecosystem.
- Streamlined GST compliance timelines, simplified litigation processes, and rationalized TDS/TCS provisions.
- New incentives for charitable institutions, working partners, and export-linked industries.
With relevance to individuals, corporations, investors, and the startup ecosystem, Budget 2024 aligns fiscal policy with long-term national goals.
