Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman presented the Union Budget 2024, with a focus on the poor, women, youth, and farmers. Key highlights include Rs 2 lakh crore allocated for job creation, Rs 10 lakh crore for urban housing, and Rs 1.52 lakh crore for agriculture. Major announcements encompass new agricultural schemes, job-linked initiatives, and infrastructure projects in Bihar and Andhra Pradesh.
2024 Budget Highlights: Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament today. The budget prioritizes the welfare of the poor, women, youth, and farmers. Sitharaman outlined plans to increase spending, generate jobs, and offer relief to the middle class. Significant changes in taxation were announced, including a hike in STT and reductions in short-term and long-term capital gains taxes. Additionally, the FM introduced new tax slab changes under the new tax regime for personal income tax.
Budget 2024 Highlights: Here are the key highlights from Finance Minister Nirmala Sitharaman’s Budget Speech:
Budget 2024 Tax Announcements
➤ Union Budget 2024 Highlights: FM Nirmala Sitharaman announces comprehensive review of Income Tax Act 1961 to help middle-class
➤ Union Budget 2024 Highlights: New Tax slabs announced under New Tax Regime
Up to Rs 3 lakh, no tax
Rs 3 -7 lakh 5 percent
Rs 7-10 lakh 10 percent
Rs 10-12 lakh 15 percent
Rs 15 lakh 30 percent
The Standard Deduction under the New Tax Regime has been increased from Rs 30,000 to Rs 75,000, resulting in a saving of Rs 17,500. Additionally, the deduction on family pensions for pensioners has been raised from Rs 15,000 to Rs 25,000.
Union Budget 2024 Highlights: The Securities Transaction Tax (STT) has been increased from 0.1% to 0.2%. Additionally, the STT for Futures and Options (F&Os) has been proposed to increase to 0.02% and 0.01%, respectively.
Budget 2024 Announcements: STT, Short-term Capital Gains, and LTCG
Budget 2024 Highlights:
- Capital Gains Taxation Simplified: Short-term capital gains tax is reduced to 20%, while long-term capital gains (LTCG) will be set at 12.5% for certain assets.
- Taxation on Unlisted Bonds and Debentures: Unlisted bonds and debentures will now be subject to capital gains tax.
➤ Union Budget 2024 Highlights: STT on the sale of an option increased to 0.1 percent from 0.0625 percent, and on the sale of a futures contract in securities, from 0.01 percent to 0.02 percent of the price at which such futures are traded.
➤ India Budget 2024 Highlights: The budget has removed the indexation benefit available on the sale of property. Property sellers will now not be able to inflate their purchase price and reduce their capital gains.
➤ TDS on e-commerce cut to 0.1 percent from 1 percent
➤ Union Budget 2024 Highlights: Angel tax to be abolished for all investor classes
➤ 2024 Budget 2024 Custom Duty Changes:
- Basic customs duty on gold and silver was reduced to 6 percent and platinum to 6.4 percent.
- Customs duty was reduced on ferronickel, blister copper; duty increased to 15 percent from 10 percent on specified telecom equipment.
- Customs duty is reduced.
➤ 2024 Budget Highlights: Employer NPS deduction increased to 14 per cent
➤ Corporate tax rate on foreign companies reduced from 40% to 35%
➤ Provisions for reopening and reassessment relaxed. Assessment can be reopened beyond three years from the end of the assessment year only if the escaped income is Rs 50 lakh or more, up to a maximum period of five years from the end of the assessment year.
➤ Non-reporting of movable foreign assets by Indian profession.
2024 Budget Capex outlay retained at Rs 11.1 lakh crore
➤ Union Budget 2024 Highlights: Capex outlay for infrastructure retained at interim budget target of Rs 11.1 lakh crore
Budget 2024: Fiscal Deficit
➤ Union Budget 2024 Highlights: fiscal deficit estimated at 4.9% of GDP for the current fiscal year and aims to reach 4.5% by the end of next year
➤ Budget 2024 Highlights: The government lowers planned gross market borrowing by Rs 12,000 crore for FY 2025. The government aims to borrow a gross of Rs 14.01 lakh crore, down from Rs 14.13 lakh rupees announced in the interim budget.
➤ Budget 2024 Highlights: The solution will be evolved for NPS as per the recommendation provided by the review committee.
➤ 2024 Budget Highlights: Employer NPS deduction increased to 14 per cent
➤ India Budget 2024 Highlights: Pradhan Mantri Janjatiya Unnat Gram Abhiyan announced 63,000 tribal villages, benefiting 5 crore tribals. The programme aims at achieving saturation coverage for tribal families in tribal-majority villages.
➤ Budget 2024 Highlights: The Center will ask states to lower stamp duty. The government should also consider further lowering duties for properties purchased by women.
➤ 2024 Budget Highlights: Center to set up 100 branches of India Post Payments Bank in North East
➤ Union Budget 2024 Highlights: Twelve industrial parks to be set under the National Industrial Corridor Development Programme
➤ Budget 2024 Highlights: Twelve industrial parks to be set under the National Industrial Corridor Development Programme
➤ Budget 2024 Highlights: Rs 10 lakh crore allocated for providing 1 crore houses to urban poor and middle class
➤ 2024 Budget Highlights: FM Sitharaman announces critical mineral mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Govt to launch auction of first offshore mining blocks.
➤ Union Budget 2024 Highlights: Rental Housing Scheme Announced for the Working Class. The government will facilitate dormitory type rental housing for industrial workers in PPP mode.
➤ Budget 2024 Highlights: Appropriate changes will be made to the IBC, and steps will be taken to strengthen tribunals. An integrated technology Platform to be set up for improving Insolvency and Bankruptcy Code (IBC) outcomes.
Budget Announcement for MSMEs
➤ Budget 2024 Highlights: Mudra Loan eligibility limit increased: The limit of mudra loans will be enhanced to Rs 20 lakh from Rs 10 lakh for those who have availed and successfully repaid loans under TARUN category
➤ 2024 Budget Highlights: For facilitating MSMEs to unlock their working capital by converting their trade receivables into cash, turnover threshold of buyers for mandatory onboarding on the TReDS platform reduced from Rs 500 crore to Rs 250 c ..
➤ India Budget 2024 Highlights: Credit Guarantee schemes for MSMEs will be introduced. A guarantee cover of Rs 100 crore will be provided for higher amount of loan.
➤ Union Budget 2024 Highlights: SIDBI to open 24 new branches to expand its reach within 3 years
➤ Budget 2024 Highlights: Financial support for setting up of 50 multi-product food irradiation units and 100 food quality and safety testing labs.
➤ 2024 Budget Highlights: E-Commerce Export Hubs will be set up in public-private-partnership (PPP) mode .
Budget Announcement for Andhra Pradesh
➤ 2024 Budget Highlights: Social and infra funds announced for Andhra Pradesh. Backward region grant will be provided to three districts of Andhra Pradesh.
➤ 2024 Budget Highlights: Package announced for Vizag-Chennai Industrial corridor
➤ Budget 2024 Highlights: Government to provide Rs 15,000 crore financial assistance for Andhra Pradesh for development of Amaravati. Additional amounts promised for future years
➤ Union Budget 2024 Highlights: Centre to finance and early completion of Polavaram Irrigation project, considered as a lifeline for Andhra Pradesh and its farmers.
➤ India Budget Highlights: Under the AP Reorganisation Act, funds will be provided for essential infrastructure such as water, power, railways, and roads and also grants for backward regions of Rayalaseema, Prakasam North coastal Andhra Pradesh, as stated in the Act will be provided.
Budget Announcement for Bihar
➤ Union Budget 2024 Highlights: Road and expressways bonanza announced for Bihar
➤ India Budget 2024 Highlights: Industrial node at Gaya on Amritsar Kolkata Industrial Corridor to be developed.
Road connectivity projects to be developed at the cost of Rs 26,000 crore:
Patna-Purnia Expressway
Buxar-Bhagalpur Expressway
Bodhgaya, Rajgir, Vaishali and Darbhanga Spur
Additional 2-lane bridge over river Ganga at Buzar
➤ Budget announcement for Bihar: Funds to develop temples in Bihar and Odisha
➤ Union Budget 2024 announcement for Bihar: 2400 MW power projects to be set up at Pirpainti with an investment of Rs 21,400 crore. New airports, medical colleges and sports infrastructure in Bihar will be constructed.
➤ 2024 Budget announcement for Bihar: An additional allocation to support capital investments will be provided through external assistance from multilateral development banks.
➤ India Budget 2024 announcement: Govt to provide assistance to flood-affected states like Himachal, Uttarakhand, Sikkim and Assam
Budget 2024 Announcement for Employment and Skilling
➤ Budget announcement for jobs:: Three employment-linked schemes to be launched based on enrolment in the EPFO. Budget proposes to allocate Rs 2 lakh crore for job creation over 5 years. New employment skilling scheme to provide skills 20 lakh youth in 5 years, says FM Sitharaman.
➤ India Budget 2024 Highlights: One-month wage to all new employees to be provided as a direct benefit transfer in three instalments up to Rs 15,000. The eligibility salary limit will be Rs 1 lakh per month. The scheme will benefit 2.1 lakh youth.
➤ India Budget 2024 Highlights: The government will reimburse to employers up to Rs 3,000 per month for 2 years towards their EPFO contribution for each additional employee. The scheme is expected to incentivize additional employment of 50 lakh persons.
➤ Budget 2024 announcement for Women: Working women hostels and creche to be opened to facilitate higher participation of women in the workforce.
➤ Union Budget 2024 Highlights: Internship scheme for 1 crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000 to be provided.
➤ Budget 2024 announcement for Students: Financial support for loans up to Rs 10 lakh will be provided for higher education in domestic institutions. E-vouchers will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount.
Budget 2024 announcements for Agriculture:
➤ 2024 Budget Highlights: Comprehensive review of the agriculture research will be done for increasing productivity and developing climate resilient varieties. Funding will be provided in challenge mode, including to the private sector.
➤ 2024 Budget Highlights: Rs 1.52 lakh crore allocated for agriculture and allied sectors
➤ India Budget 2024 Highlights: Govt will promote shrimp Production
➤ Budget 2024 Highlights: New 109 high-yielding and climate-resilient varieties of 32 field and cultivation crops to be released for farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming. 10,000 need-based bio-input resource centres will be established.
➤ 2024 Budget Highlights: Aatmanirbharta mission for pulses and oilseeds such as mustard, groundnut, sesame, soybean, and sunflower.
➤ Budget 2024 Highlights: Large-scale clusters for vegetable production will be developed near major consumption centres. Farmer-Producer Organizations, cooperatives and start-ups will be promoted for vegetable supply chains including collection, storage, and marketing
➤ Budget 2024 Highlights: Financial support for setting up Nucleus Breeding Centres for Shrimp Broodstocks. Financing for shrimp farming, processing and export to be provided through NABARD.
➤ Union Budget 2024 Highlights: FM Sitharaman said that the Budget is focused on middle-class, employment, skilling, employment and MSMEs.
➤ India Budget 2024 Highlights: Rs 3 lakh crore allocation announced for women centric schemes
➤ India Budget 2024 Highlights: FM announces nine priorities for generating employment for all. Budget’s 9 priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms
➤ 2024 Budget Highlights: Rs 2 lakh crore package announced for 5 schemes.
Budget 2024 Announcement for Tourism
➤ Budget 2024 Highlights: Vishnupad Temple at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar to be transformed into world-class tourist destinations on the lines of Kashi Vishwanath Temple Corridor.
➤ Union Budget 2024 Highlights: A comprehensive development initiative for Rajgir will be undertaken.
➤ 2024 Budget 2024 Highlights: Nalanda to be developed a tourist centre besides reviving Nalanda University to its glorious stature.
➤ India Budget 2024 Highlights: Govt to provide assistance to develop Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches.
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2024 Budget Announcement for Space Industry
➤ Budget 2024 Highlights: A venture capital fund of Rs 1,000 crore will be set up.
➤ 2024 India Budget Highlights: Land records in urban areas will be digitized with GIS mapping. An IT based system for property record administration, updating, and tax administration will be established.
➤ Union Budget 2024 Highlights: Sitharaman said that the Budget is focused on poor, women, youth and farmer.
➤ India Budget 2024 Highlights: Global uncertainty poses a downside for growth. Despite these headwinds India’s growth continue to be higher.
➤ 2024 Union Budget Highlights: The people of India have reposed faith in the Prime Minister Narendra Modi and given him a historic third term.
➤ Union Budget 2024 Highlights: India’s economic growth continues to be the shining exception and will remain so in years ahead. India’s inflation continues to be low and stable moving towards the 4% target.
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