In her seventh consecutive Union Budget, Finance Minister Nirmala Sitharaman unveiled significant employment initiatives. It is anticipated that she will also reveal a rise in the basic exemption thresholds for both the old and new tax systems, providing substantial relief for the middle class.
Yesterday, Prime Minister Narendra Modi expressed confidence in the Finance Minister’s ability to deliver a robust budget, emphasizing his commitment to ensuring that the government’s assurances benefit the general public. On the opening day of the Monsoon Session of Parliament, Nirmala Sitharaman presented the Economic Survey to the Parliament.
Budget 2024: PM Modi said Nirmala Sitharaman will present a strong budget
Finance Minister Nirmala Sitharaman is presenting her seventh consecutive Budget in Parliament today – Tuesday, July 23. The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a roadmap towards India’s development in the next five years.
In her 7th record Union Budget, Nirmala Sitharaman announced key employment schemes. She is also expected to announce an increase in the basic exemption limits under both old and new tax regimes in a huge relief for the middle class.
Prime Minister Narendra Modi yesterday had said that the Finance Minister will present a strong budget, adding that he will ensure that the government’s guarantees reach the common man. Nirmala Sitharaman yesterday – on the first day of the Monsoon Session of Parliament – tabled the Economic Survey in Parliament.
The Updates On Union Budget 2024:
Budget 2024 Live: Nirmala Sitharaman’s Budget Speech
Changes In New Income Tax Regime Slab
0-3 lakh : Nil
3-7 lakh: 5%
7-10 lakh: 10%
10-12 lakh: 15%
12-15 lakh: 20%
Above 15 lakh: 30%
- Unlisted bonds, debentures, debt mutual funds, market-linked debentures will be subject to taxation at slab rate, as per Nirmala Sitharaman’s announcement.
- Government plans to eliminate angel tax for all categories of investors, according to Nirmala Sitharaman.
- Two tax exemption systems for charities will be combined into one, as stated by Nirmala Sitharaman.
- Customs duty on gold and silver will be reduced to 6%, while platinum will be set at 6.4%, as per Nirmala Sitharaman’s declaration.
- Nirmala Sitharaman announced that the government will waive customs duty on three additional cancer treatment medications.
- Nirmala Sitharaman emphasized the need to simplify and streamline the tax structure to facilitate business operations, particularly in relation to GST.
- Nirmala Sitharaman revealed plans for a ₹1000 crore venture capital fund to promote the development of space technology.
- Nirmala Sitharaman expressed support for the comprehensive development of the Vishnupad Temple Corridor and Mahabodhi Temple Corridor.
- The government has announced plans to support Assam in flood management and irrigation projects, as stated by Nirmala Sitharaman. The FY25 allocation for CAPEX is set at ₹11.11 lakh crore, according to Nirmala Sitharaman.
- Nirmala Sitharaman also mentioned the launch of PM Surya Ghar Muft Bijli to provide roof-top solar for 1 crore households. Additionally, a scheme to develop 100 street food hubs in select cities over five years will be initiated by the government.
- Furthermore, transit oriented development programmes will be formulated for 14 large cities with a population above 30 lakh, as per Nirmala Sitharaman.
