Budget 2024 Tax Announcements
➤ Union Budget 2024 Highlights: FM Nirmala Sitharaman announces comprehensive review of Income Tax Act 1961 to help middle-class. The review will be completed in six months.
➤ Budget 2024 Income Tax Highlights: New Tax slabs announced for New Tax Regime
No tax up to Rs 3 lakh income
Rs 3 -7 lakh 5 per cent
Rs 7-10 lakh 10 per cent
Rs 10-12 lakh 15 per cent
Rs 12-15 lakh 20 per cent
Above Rs 15 lakh 30 per cent➤ 2024 Budget Highlights: Standard Deduction under the New Tax Regime raised from Rs 30,000 to Rs 75,000, which means Rs 17,500 of saving. Deduction on family pension for pensioners increased from Rs 15,000 to Rs 25,000.
Budget 2024 Announcements for STT, Short-term capital gains and LTCG
➤ Budget 2024 Highlights: Capital gains taxation simplified: Short-term capital gains reduced to 20%, LTCG to 12.5 percent for some assets. Unlisted bonds, debentures to attract tax on capital gains
➤ Union Budget 2024 Highlights: Securities Transaction Tax (STT) on the sale of an Option increased to 0.1 per cent from 0.0625 per cent. STT on F&O (futures and options) securities hiked by 0.02 per cent and 0.1 per cent.
➤ India Budget 2024 Highlights: The budget has removed the indexation benefit available on all immovable assets like real estate. Property sellers will now not be able to inflate their purchase price and reduce their capital gains.
Long-term capital gains (LTCG) tax on immovable properties reduced to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation.
➤ 2024 Budget Highlights: TDS on e-commerce cut to 0.1 percent from 1 percent
➤ Union Budget 2024 Highlights: Angel tax abolished for all investors
➤ 2024 Budget 2024 Custom Duty Changes:
- Gold, silver to get cheaper: Customs duty on gold and silver reduced to 6 per cent and platinum to 6.4 per cent.
- Customs duty cut on ferronickel, blister copper; Duty hiked to 15 per cent from 10 per cent on specified telecom equipment.
- Duty reduced on certain brood stocks, shrimps and fish feed to 5 per cent.
- Duty raised on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.
- Mobiles to get cheaper: Duty reduced to 15% on mobile phone, mobile PCBA and charger
- Duties exempted for 25 critical minerals
- Plastic Items to Get Costlier: Custom duty hiked on plastic products:
- Duty on Methylene diphenyl diisocyanate (MDI) for manufacture of spandex yarn from 7.5 to 5 per cent.
- Duty changes proposed for x-ray tubes & flat panel detectors for use in medical x-ray machines under the Phased Manufacturing Programme.
➤ 2024 Budget Highlights: Employer NPS deduction increased to 14 per cent from 10 percent
➤ Budget 2024 Highlights: A solution for NPS (Central Government employees) will be developed based on the recommendations provided by the review committee.
➤ Corporate tax rate for foreign companies reduced from 40% to 35%
➤ The rules for reopening and reassessment have been relaxed. Assessments can now be reopened beyond three years from the end of the assessment year only if the undisclosed income amounts to Rs 50 lakh or more, with a maximum period of five years from the end of the assessment year.
➤ The non-reporting of movable foreign assets, such as ESOPs, by Indian professionals working in multinational companies will no longer incur penalties, provided the value is up to Rs 20 lakh.
2024 Budget Capex outlay retained at Rs 11.1 lakh crore
➤ Union Budget 2024 Highlights: The capital expenditure outlay for infrastructure has been maintained at the interim budget target of Rs 11.1 lakh crore
➤ Budget 2024 Railway: For FY 2024-25, the government has set a record capital expenditure allocation of Rs 2,62,200 crore for the railways, with gross budgetary support amounting to Rs 2,52,200 crore for the same period.
Budget 2024 Fiscal Deficit
➤ Union Budget 2024 Highlights: The fiscal deficit is projected to be 4.9% of GDP for the current fiscal year, with a target to reduce it to 4.5% by the end of next year.
➤ Budget 2024 Highlights: The government has reduced its planned gross market borrowing by Rs 12,000 crore for FY 2025. The new borrowing target is Rs 14.01 lakh crore, down from the Rs 14.13 lakh crore announced in the interim budget.
➤ India Budget 2024 Highlights: Pradhan Mantri Janjatiya Unnat Gram Abhiyan announced for 63,000 tribal villages, benefitting 5 crore tribals. The programme aims at achieving saturation coverage for tribal families in tribal-majority villages and aspirational districts.
➤ Budget 2024 Highlights: Centre will ask states to lower stamp duty. Govt to also consider further lowering duties for properties purchased by women.
➤ 2024 Budget 2024 Highlights: Centre 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: 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 working class. Govt will facilitate dormitory type rental housing for industrial workers in PPP mode.
➤ Budget 2024 Highlights: Appropriate changes will be made to 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 crore. This measure will bring 22 more CPSEs and 7000 more companies onto the platform.
➤ 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.
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.