The year 2024 was quite eventful in India in terms of what it means for the layperson’s savings and money management.
Here’s a look at five key money rule changes that took place in 2024.
1. Changes to the National Pension System (NPS)
2. Revised income tax slabs and standard deduction
The Union Budget 2024-25 introduced simplified income tax slabs under the New Tax Regime, reducing the number of slabs and offering savings of up to Rs 17,500 annually. Additionally, the standard deduction for salaried individuals was increased from Rs 50,000 to Rs 75,000, boosting disposable income.
3. Overhaul of capital gains taxation structure
4. TDS on property sales tightened
The government expanded the scope of Tax Deducted at Source (TDS) on property transactions. A 1 per cent TDS now applies to property purchases exceeding Rs 50 lakh, regardless of individual buyer or seller contributions. The deduction is based on the higher of the sale price or stamp duty value.
5. IMPS money transfer limit raised
The Immediate Payment Service (IMPS) limit was increased to Rs 5 lakh per transaction from February 1. This adjustment simplifies fund transfers by enabling users to send money using only the recipient’s mobile number and account name.
With inputs from agencies
Link to article –
Yearender: From NPS Vatsalya to higher standard deduction, 5 money rules that changed in 2024
