- Capital Gains Tax:
- Long-Term Capital Gains: Now uniformly taxed at 12.5% for both financial and non-financial assets.
- Short-Term Capital Gains: Specific assets will incur a 20% tax rate (Thackray Williams) (TaxGuru).
- Exemptions Cap:
- Sections 54 and 54F: Exemption limit for investment in residential property is now capped at ₹10 crore. This ensures high net worth individuals cannot claim disproportionately large exemptions (TaxGuru).
- Annual Allowance:
- CGT annual allowance remains unchanged but will reduce from ₹6,000 to ₹3,000 per individual from April 2024 (Thackray Williams).
- New Tax Regime:
- Introduction of a new tax regime with the lowest slab reduced to ₹3 lakhs, offering potential tax savings for salaried employees (IndiaGlitz.com).
- Support for MSMEs:
- Comprehensive financial and technology support package, including a new credit guarantee scheme for loans up to ₹100 crore, enhancing opportunities for MSMEs (IndiaGlitz.com).
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