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The much-anticipated Budget 2024 is out, and here's a quick summary of the key changes that impact salaried individuals: ⏳ Long-Term Capital Gains: Increased to 12.5% from 10%, with no more indexation benefits. 🐇 Short-Term Capital Gains: Increased to 20% from 15%. 💰 Security Transaction Tax: For Futures and Options (FnO) transactions, the tax has been increased by 100%. 0️⃣ Standard Deduction: Slight increase, but no significant changes in the tax slabs for the New Regime. 📈 Employer's Contribution to NPS: Increased to 14% from 10% in the New Regime. 🏥 Increased Deduction Limit for Health Insurance: Section 80D limit raised to encourage better health coverage. 🏡 Affordable Housing Boost: Additional interest deduction of ₹1.5 lakh for home loans extended for another year. 🌱 Sustainability Initiatives: New tax incentives for investments in green energy projects. 💡 Startup Support: Extension of tax holiday for startups by one more year and relaxation in eligibility norms. While some of these changes might seem disappointing, it's crucial to stay proactive and adapt your financial plans accordingly. Here are a few tips: Consult a Financial Advisor: Ensure your investments are optimized for the new tax regime. Review Your Portfolio: Make strategic adjustments to maximize benefits. Stay Informed: Keep up with the latest tax guidelines and provisions. This budget highlights the need for strategic financial planning and awareness of the evolving tax landscape. Let's navigate these changes together and ensure we make the most of the opportunities available. #Budget2024 #TaxUpdate #FinancialPlanning #SalariedProfessionals #InvestmentAdvice #TaxStrategy #StayInformed #FinancialAwareness

Hey everyone! Here is a short and crisp Budget 2024 Highlights for you: 1. On Financial assets sale - Short Term Capital gain increased from 15% to 20%. 2. On Financial assets sale - Long Term Capital gain increased from 10% to 12.5%. 3. On Financial assets sale - Long Term Capital gain basic exemption limit shall be increased from 1 lacs to 1.25 lacs. 4. Standard Deduction on new scheme salaried employee from 50 k to 75k. 5.New scheme slab rate is as under: 0-3L Zero 3-7L 5% 7-10L 10% 10-12L 15% 12-15L 20% 15 & above, 30% Salaried employee in new tax regime will save up to Rs 17,500 in income tax. 6. TDS on repurchase by MF or UTI withdrawn 7. increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%. 8. STT on F&Os proposed to be increased to 0.02% and 0.1% respectively. 9. Default in TDS arrest has been withdrawn. 10. Angel Tax abolished 11. Re-opening of Assessment reduced from 10 years to 5 years. 12. Reintroduction of Block Assessment in case of search & seizure. Connect & Follow for more such Finance and Tax related content.

Feeling the Summer Heat? 🌞 Whether you’re on vacation or fully immersed in work, another month and quarter have passed. Are your revenues where they need to be? If you’re struggling with monthly or quarterly tax payments, now’s the time to act. Here’s how to tackle the issue: $. Check Your Finances: Examine your cash flow, outstanding invoices, and upcoming expenses to understand why paying taxes might be a challenge. $. Contact CRA: Get in touch with them ASAP to discuss your situation. You might be able to arrange a payment plan or explore other options. $. Explore Payment Options: Consider partial payments or deferrals. Be sure to understand the terms and any potential consequences. $. Seek Professional Advice: A tax professional or financial advisor can offer guidance to help you get back on track. $. Review Your Business Finances: Reassess your budget, invoicing, and expenses to improve your financial situation and avoid future issues. $. Plan for Future Taxes: Develop a strategy for handling future tax payments and implement better financial practices. Keep in mind that deferring payments might lead to interest and penalties, so make sure you understand the terms. #TaxTips #FinancialManagement #BusinessAdvice #Accounting #TaxPlanning #TheLiveCFO #SmallMediumBusiness

🔍 Budget Expectations 2024: Key Highlights and Industry Insights 🔍 As we look ahead to the 2024 budget, several key expectations and demands are shaping up across various sectors: 1. Tax Cuts: o Income Tax: For the last two years, we've seen no changes in tax rates. Esteemed industry expert CA Ramdeo Agrawal has suggested that there should be no tax for individuals earning below ₹12 lakh annually. This move could potentially ease the financial burden on the middle class and stimulate consumer spending. o Corporate Tax: The banking sector is advocating for a reduction in the corporate tax rate to bolster economic growth and competitiveness. 2. Tax on F&O Segment: o There are discussions around imposing a 30% tax on the Futures and Options (F&O) segment. This proposal is generating significant debate within the financial community, with potential implications for market dynamics and investor behavior. 3. Standard Deduction: For the salaried class, the standard deduction might increase from ₹50,000 to ₹1,00,000. This change would provide much-needed relief and help to offset rising living costs. 4. The government would attempt to maintain fiscal deficit for FY 24-25 below 5.1%, with a traget achieving 4.5% by FY 25-26, as forecasted. As we await the official announcements, these insights highlight the diverse perspectives and priorities across different sectors. What are your thoughts on these potential changes? How do you think they will impact the economy and your industry? #Budget2024 #TaxCuts #CorporateTax #IncomeTax #Finance #Economy #IndustryInsights

Attention investors! The recent Budget 2024 announcement introduces a pivotal change in capital gains tax that you need to be aware of. Starting June 25, 2024, the capital gains inclusion rate will increase from 50% to two-thirds (66.67%) for individual gains over $250,000 annually and for all gains by corporations and trusts.

In the 2024 federal budget, the government proposed changes to the tax on capital gains. Starting June 25, 2024, the capital gains inclusion rate will increase to two-thirds from one-half on total capital gains realized in a year that are above $250,000 for individuals as well as for all capital gains realized in a corporation or trust. Here’s what you need to know:

As we said good by to the 22/23 financial year, it’s a great time to explore tax-saving strategies. Here are some detailed tips for businesses and individuals: For Businesses: ・Accelerate deductible expenses like repairs, maintenance, advertising, and fringe benefits before July 1, 2024, to reduce taxable income. ・Consider prepaying expenses under $1,000 or those required by law for full deduction benefits. ・Evaluate if you qualify for accelerated depreciation on assets costing less than $1,000 or the proposed instant asset write-off threshold increase. For Individuals: ・Employees and rental property owners can benefit by prepaying work- related clothing, self-education, and other expenses before July 1, 2024. Remember to ensure services or items prepaid will be used within 12 months to claim the full deduction. When preparing your tax return, gather all income and expense details, including but not limited to wages, dividends, rental property expenses, superannuation contributions, and deductible work-related expenses. Visit our website to download your checklist! https://bit.ly/4cUNaff

In the 2024 federal budget, the government proposed changes to the tax on capital gains. Starting June 25, 2024, the capital gains inclusion rate will increase to two-thirds from one-half on total capital gains realized in a year that are above $250,000 for individuals as well as for all capital gains realized in a corporation or trust. Here’s what you need to know:

📣 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 is 𝐭𝐫𝐲𝐢𝐧𝐠 𝐭𝐨 𝐛𝐫𝐞𝐚𝐤 𝐭𝐡𝐞 𝐚𝐝𝐝𝐢𝐜𝐭𝐢𝐨𝐧 𝐨𝐟 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐭𝐨 𝐬𝐭𝐨𝐜𝐤 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐚𝐧𝐝 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 With the recent tax rate hike on capital gains (𝑳𝑻𝑪𝑮 𝒕𝒐 12.5% 𝒇𝒓𝒐𝒎 10.0% & 𝑺𝑻𝑪𝑮 𝒕𝒐 20.0% 𝒇𝒓𝒐𝒎 15.0%) and the removal of indexation benefits, means, higher taxes on your mutual funds and equities.📈📉 So, it’s crucial to shift our focus towards alternative assets as it would save on your capital gain taxes and also offers the following benefits: ☑️ 𝘗2𝘗 𝘭𝘦𝘯𝘥𝘪𝘯𝘨 𝘰𝘧𝘧𝘦𝘳𝘴 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘷𝘦 𝘳𝘦𝘵𝘶𝘳𝘯𝘴, 𝘩𝘦𝘭𝘱𝘴 𝘥𝘪𝘷𝘦𝘳𝘴𝘪𝘧𝘺 𝘺𝘰𝘶𝘳 𝘱𝘰𝘳𝘵𝘧𝘰𝘭𝘪𝘰, 𝘢𝘯𝘥 𝘤𝘢𝘯 𝘢𝘭𝘴𝘰 𝘢𝘪𝘥 𝘪𝘯 𝘢𝘷𝘰𝘪𝘥𝘪𝘯𝘨 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘨𝘢𝘪𝘯𝘴 𝘵𝘢𝘹𝘦𝘴.💰💼 Yes, this tax hike is a big change! ☑️ 𝘖𝘶𝘳 𝘗2𝘗 𝘭𝘦𝘯𝘥𝘪𝘯𝘨 𝘤𝘰𝘶𝘭𝘥 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘮𝘢𝘳𝘵 & 𝘴𝘢𝘧𝘦 𝘢𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘷𝘦 𝘺𝘰𝘶’𝘳𝘦 𝘭𝘰𝘰𝘬𝘪𝘯𝘨 𝘧𝘰𝘳.🔒💡 What do you think about the budget? Drop your thoughts in the comments below! 💬 Source - https://lnkd.in/dysMXN7F #Budget2024 #BudgetUpdates #InvestmentStrategy #FinancialPlanning #P2PLending

The 2024 federal budget proposes to increase the capital gains inclusion rate from 50% to 2/3 effective June 25, 2024. This change may impact more than just the super wealthy. Below we highlight impacts of the capital gains rate change taxpayers should be aware of.