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Budget 2024 LIVE Updates: Each house is likely to engage in 20-hour debates, with the Lower House expected to hold separate discussions on key ministries such as railways, education, health, MSME, and food processing, according to sources. Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman on Tuesday tabled the Modi government 3.0's first budget and her seventh budget. Sitharaman outlines a roadmap to pursue nine key priorities for India's opportunities. The Finance Minister announced a massive package of 5 schemes and initiatives focused on employment, skilling and other opportunities for over 4 crore youngsters. The Finance minister also announced some tweaks to the new tax regime of Income Tax. The Finance Minister did not touch the old tax regime in this budget.
Finance Minister Nirmala Sitharaman has proposed significant changes to the new tax regime in Budget 2024 to make it more appealing while retaining the old tax structure. These changes could save taxpayers Rs 17,500 compared to the existing rates under the new tax regime.
1. India’s inflation continues to be low, stable and moving towards the 4% target
2. PM’s package of 5 schemes and initiatives with an outlay of ₹2 lakh crore to facilitate employment, skilling and other opportunities for 4.1 crore youth in 5 years
3. Government will formulate a plan, Purvodaya, for the all-round development of the eastern region covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh
4. Major relief to 4 crore salaried individuals and pensioners in income tax
5, Standard deduction increased from from Rs 50,000 to Rs 75,000/- for those in new tax regime
6. Deduction on family pension increased from Rs 15,000 to Rs 25,000
7. Angel tax abolished for all classed of investors to boost Startups and investments
A lot, some might say. However, the Union Budget 2024 appears more about shifting numbers rather than introducing significant changes from what Finance Minister Nirmala Sitharaman presented on February 1, just months before the Lok Sabha elections. While the election results may not have met the BJP-led NDA's expectations, two new partners now have the bargaining power to demand their due share.
In a major relief to taxpayers, the Finance Minister in the Union Budget 2024 has introduced a new tax regime that allows individuals with income up to Rs 7.75 lakh to pay zero tax. This is a significant change from the previous regime, which offered tax benefits but with a more complex structure.
Responding to a question on the old tax regime, finance minister Nirmala Sitharaman said, "We want a simpler tax regime. The new tax regime was introduced with the same intent. At present, the old regime is ongoing. However, I can't comment on the sunset of the old tax regime."
On the question of FDI liberalisation, Finance Minister Nirmala Sitharaman, during the post-Budget press conference, said, "We are trying to, since 2014, bring ease of doing business in India. The Centre raising the FDI in several sectors. It is a continuing policy to relax FDI norms."
Addressing the press conference on removal of the angel tax, Nirmala Sitharaman clarified that the measure, originally introduced in 2012 under the UPA government, has been simplified during their tenure. The finance minister also said that money laundering issues were being addressed through various measures and laws beyond just tax measures.
"We aimed to simplify the taxation approach, including for capital gains. In fact, the average tax rate has actually decreased. When we mention it is 12.5%, it reflects calculations across different classes. Importantly, we have reduced it to 12.5%, the lowest in several years, to encourage market investment," said Finance Minister Nirmala Sitharaman during a press conference following the Union Budget announcement.
After Finance Minister Sitharaman announced that Andhra Pradesh will get the support of Rs 15,000 crore to develop its capital, the state's Chief Minister N. Chandrababu Naidu took to X to thank Prime Minister Narendra Modi and Sitharaman for considering the developmental needs of Andhra Pradesh in the budget.
Akhilesh Yadav, Kannauj MP and Samajwadi Party chief, on Tuesday attacked the NDA government as Union Finance Minister Nirmala Sitharaman announced huge sops for Bihar and Andhra Pradesh. Yadav claimed huge sops given to these two states are good to enough save the government.
Prime Minister Narendra Modi hailed the Union Budget 2024-25 and said that the budget for Viksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India. Finance Minister Nirmala Sitharaman presented the Budget in the Parliament on July 23.
Finance Minister Nirmala Sitharaman's Budget 2024 announced a slew of duty relaxations, making several items more affordable for consumers. The budget, presented on Tuesday, July 23, focused on fostering economic growth through tax reforms and import duty reductions.
Shares of FMCG firms ITC, Tata Consumer and Hindustan Unilever were the top Nifty gainers rising up to 5%. Shares of conglomerate ITC gained 5.02% to Rs 489.90 on BSE. Market cap of the firm climbed to Rs 6.02 lakh crore.
In Nirmala Sitharaman's Budget this year, Security Transaction Tax on options has been increased from 0.062% to 0.1%, and on futures from 0.0125% to 0.02%, effective October 1st. Pointing to the new rates and Zerodha's data, co-founder Nithin Kamath in a post on X wrote they collected about ₹1,500 crore in STT last year. With the new rates, this figure could rise to around Rs 2,500 crore if trading volumes remain consistent.
Post Budget 2024: Prime Minister Narendra Modi says "We will together make India a global manufacturing hub. The MSME sector of the country is connected to the middle class. The ownership of the MSME sector is with the middle class. This sector provides maximum employment to the poor..."
On Union Budget, PM Modi says, "Today, Defence exports are at a record high. Many provisions have been made in this Budget to make the defence sector self-reliant. Focus also laid on the tourism sector in this Budget...A decision has also been taken on the reduction of tax and TDS rules are also simplified...We are speeding development in the eastern region by the way of construction of highways and water and power projects..."
On Union Budget 2024-25, PM Modi says, "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."
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