Union Budget 2024 Live: Standard Deduction for salaried employees hiked to Rs 75,000

Long term gains on financial and non-financial assets will attract tax rate of 12.5 pc: FM.

Listed financial instruments held beyond 1 year to be considered long term as part of simplification of capital gain, says FM.

Reopening of I-T assessment after 3 years only in cases where escaped income is Rs 50 lakh and above: FM.

TDP leader Somireddy Chandramohan Reddy says, "We are happy and welcoming the budget announcement by Union Finance Minister Nirmala Sitharaman. Jagan Mohan Reddy went to Delhi to damage the state's image, whereas Chandrababu Naidu went to Delhi twice after assuming power to seek financial assistance for the state's welfare and development. Andhra Pradesh is receiving 15,000 crores as a special package for the development of the state."

"25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced, says FM Sitharaman.

Union Finance Minister Nirmala Sitharaman says "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."

Govt proposes to expand list of exempted capital goods used in manufacturing of solar cells and panels: FM in LS.

Govt exempts 3 more cancer treatment drugs from Customs duty: FM in LS.

During her Budget speech, FM Sitharaman says, "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months."

On precious metals, FM Sitharaman says, "I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum."