Union Budget Key Terms

Finance minister Nirmala Sitharaman to announce Union budget on July 23 2024

Income Tax

Income tax is a tax charged on the annual income of an individual or business earned in a financial year

In India, income tax can be paid under two different regimes: the new regime and the old regime

The new regime serves as an optional alternative to the old tax system, aiming to offer taxpayers greater flexibility and choice

New Regime tax slab

Up To 3 Lakh Rupees: NIL

3-6 Lakhs:5% on above  3 Lakhs

6-9 lakhs: 15,000+ 10% on income above 6 lakhs.

9- 12 lakhs: 45,000 +15%  on income above 9 lakhs

Old Regime Tax Slab

Up to 12 lakhs :NIL 2.4 - 5 Lakh: 5% above 2.5 lakh 5-10 Lakh: 12,500 + 20% above 5 lakh Above 10 lakh: 1,12,500 +20% above 10 lakh

Corporate Tax

A corporate tax is a tax on the profits or net income of a corporation

Capital gains tax

Any profit or gain that arises from the sale of a ‘capital asset’ is known as ‘income from capital gains’. . This is called capital gains tax

Direct tax

 A direct tax is paid by an individual or organization to the entity that levied the tax

Indirect Tax

An indirect tax is a tax passed off by the government on goods and services

Goods and service tax (GST)

GST  is an indirect tax which is levied on the supply of goods and services in India