Budget -Tax effects at a glance

Finance Minister Nirmala Sitharaman Ji concluded her speech. Here are the key takeaways for your personal finances:

INCOME TAX: NO CHANGES

• The FM has kept Income Tax slabs unchanged for both New & Old regimes.

• Standard Deduction remains at ₹75,000 (New Regime).

• Status quo prevails, focusing on stability over surprises.

Securities Transaction Tax (STT) on Futures hiked to 0.05% and Options to 0.15%.

No change in Capital Gains Tax (LTCG/STCG) rates!

The threshold for TDS on Rent increased from ₹2.4 Lakh to ₹6 Lakh per year. (Less paperwork for many!)

• Tightened TDS norms for NRIs selling property in India.

Tax deduction on interest income for seniors doubled to ₹1 Lakh.

17 Life-saving medicines, high-end gadgets, and items imported for personal use (Duty cut to 10%).

Trading in derivatives (F&O) and certain luxury imports.

• 7 New High-Speed Rail Corridors (e.g., Mumbai-Pune, Hyd-Bluru, Delhi-Varanasi).

• Tier-2 & Tier-3 Cities to get a ₹5,000 Cr boost each for better roads & transport.

• AMRUT Mission: Focus on 24/7 water supply in more cities.

• 5 New Medical Hubs to bring high-end healthcare closer to home.

• New Trekking Trails in the Himalayas & Ghats for nature lovers!

A brand new "Income Tax Act, 2025" will replace the old 1961 Act starting April 1st. Expect simpler forms and fewer legal headaches!