Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system

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Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system - Business Standard

Quick Summary:

Equalization levy, a 2 per cent digital tax imposed on non-residents for online sales of goods or services to Indian customers, is proposed to be abolished effective August 1, 2024.

Additionally, to align tax deductions for government and non-government employees, a deduction of up to 14 per cent of salary for pension scheme contributions (up from 10 per cent) is proposed, with corresponding amendments for deductions to non-government employers.

Angel tax that was applicable on funds raised by Indian companies, including startups, from investors that exceeded the fair market value of shares is proposed to be abolished effective April 1, 2025.