Budget 2024 Highlights: Big changes in tax slabs, LTCG, and jobs booster. Here are all the key announcements

Budget 2024 Highlights: The Union Budget 2024, unveiled by Finance Minister Nirmala Sitharaman, emphasizes support for the underprivileged, women, youth, and farmers through increased spending, job creation, and middle-class tax relief. Key tax changes include a higher Securities Transaction Tax (STT), lower capital gains taxes, and the removal of the angel tax. The budget also revises income tax slabs, increases Mudra loan limits, and allocates a record amount for railway funding.
Read all about the the major changes brought about in capital gains tax in Budget.

Budget 2024 Highlights: Here are the key points from Union Budget presented by FM Nirmala Sitharaman:

Budget 2024 Tax Announcements

➤ Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman announced a thorough review of the Income Tax Act of 1961 to benefit the middle class, expected to be completed in six months.

➤ Budget 2024 Income Tax Highlights: The new tax regime includes revised tax slabs:
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: The Standard Deduction under the New Tax Regime increased from Rs 30,000 to Rs 75,000, saving Rs 17,500. The family pension deduction for pensioners rose 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 has been streamlined with short-term gains reduced to 20% and long-term gains to 12.5% for specific assets. Capital gains tax will now also apply to unlisted bonds and debentures.

➤ Union Budget 2024 Highlights: The Securities Transaction Tax (STT) on option sales has increased from 0.0625% to 0.1%. The STT on futures and options (F&O) securities has been raised by 0.02% and 0.1%, respectively.

➤ India Budget 2024 Highlights: The indexation benefit for immovable assets, like real estate, has been removed, meaning property sellers can no longer adjust their purchase price for capital gains tax. Although the long-term capital gains (LTCG) tax on immovable properties has been reduced from 20% to 12.5%, indexation benefits are no longer available.

➤ 2024 Budget Highlights: The TDS on e-commerce transactions has been reduced from 1% to 0.1%.

➤ Union Budget 2024 Highlights: The angel tax has been abolished for all investors.

➤ 2024 Budget 2024 Custom Duty Changes:

• Gold and Silver: Customs duty reduced to 6% for both gold and silver; platinum duty reduced to 6.4%.
• Ferronickel and Blister Copper: Customs duty cut on both.
• Telecom Equipment: Duty increased from 10% to 15% on specified telecom equipment.
• Brood Stocks, Shrimps, and Fish Feed: Duty reduced to 5%.
• Ammonium Nitrate: Duty raised to 10%.
• Non-Biodegradable Plastics: Duty increased to 25%.
• Mobiles: Duty reduced to 15% on mobile phones, mobile PCBA, and chargers.
• Critical Minerals: Duties exempted for 25 critical minerals.
• Plastic Products: Increased customs duty on plastic products.
• Methylene Diphenyl Diisocyanate (MDI): Duty reduced from 7.5% to 5% for spandex yarn production.
• X-Ray Tubes and Flat Panel Detectors: Duty changes proposed under the Phased Manufacturing Programme.

➤ 2024 Budget Highlights: Employer NPS deduction increased from 10% to 14%.

➤ Budget 2024 Highlights: A new solution for NPS (Central Government employees) will be developed based on a review committee's recommendations.

➤ Corporate Tax Rate: The tax rate for foreign companies has been reduced from 40% to 35%.

➤ Assessment Rules: Reopening and reassessment rules have been relaxed. Assessments can now be reopened beyond three years only if undisclosed income exceeds Rs 50 lakh, with a maximum reopening period of five years from the end of the assessment year.

➤ Indian Professionals: Indian professionals working for multinational companies will no longer face penalties for not reporting movable foreign assets, such as ESOPs, if their value is up to Rs 20 lakh.

2024 Budget Capex outlay retained at Rs 11.1 lakh crore

➤ Union Budget 2024 Highlights: Capital expenditure for infrastructure is set at Rs 11.1 lakh crore, maintaining the interim budget target.

➤ Budget 2024 Railway: For the fiscal year 2024-25, the government has allocated a historic Rs 2,62,200 crore for railway capital expenditure, 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 for the current fiscal year is projected to be 4.9% of GDP, with a target to lower it to 4.5% by the end of the next fiscal year.

➤ Budget 2024 Highlights: The government has reduced its planned gross market borrowing for FY 2025 by Rs 12,000 crore, setting a revised target of Rs 14.01 lakh crore, down from the Rs 14.13 lakh crore initially announced.

➤ India Budget 2024 Highlights: The Pradhan Mantri Janjatiya Unnat Gram Abhiyan has been launched to benefit 5 crore tribal people in 63,000 tribal villages, aiming for full coverage in tribal-majority villages and aspirational districts.

➤ Budget 2024 Highlights: The central government will encourage states to lower stamp duty and is considering additional reductions for properties bought by women.

➤ 2024 Budget Highlights: The Centre plans to set up 100 branches of India Post Payments Bank in the North East region.

➤ Union Budget 2024 Highlights: Twelve new industrial parks will be established under the National Industrial Corridor Development Programme.

➤ Budget 2024 Highlights: Rs 10 lakh crore has been allocated to provide 1 crore houses for the urban poor and middle class.

➤ 2024 Budget Highlights: Finance Minister Sitharaman announced a critical mineral mission focusing on domestic production, recycling, and overseas acquisition of critical mineral assets. The government will also auction its first offshore mining blocks.

➤ Union Budget 2024 Highlights: A rental housing scheme for the working class will be introduced, providing dormitory-style rental housing for industrial workers through public-private partnerships.

➤ Budget 2024 Highlights: The government will amend the Insolvency and Bankruptcy Code (IBC) and enhance tribunals. An Integrated Technology Platform will be created to improve IBC processes.

Budget Announcement for MSMEs

➤ Budget 2024 Highlights: The eligibility limit for Mudra loans will be increased to Rs 20 lakh from Rs 10 lakh for those who have successfully repaid loans under the TARUN category.

➤ 2024 Budget Highlights: To help MSMEs unlock working capital by converting trade receivables into cash, the turnover threshold for mandatory onboarding on the TReDS platform will be reduced from Rs 500 crore to Rs 250 crore. This change is expected to include 22 additional CPSEs and 7,000 more companies on the platform.

➤ India Budget 2024 Highlights: New credit guarantee schemes for MSMEs will be introduced, providing a guarantee cover of Rs 100 crore for larger loan amounts.

➤ Union Budget 2024 Highlights: SIDBI plans to open 24 new branches over the next three years to broaden its reach.

➤ Budget 2024 Highlights: Financial support will be provided for establishing 50 multi-product food irradiation units and 100 food quality and safety testing labs.

➤ 2024 Budget Highlights: E-Commerce Export Hubs will be created through public-private partnerships (PPP).

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:

1. Patna-Purnia Expressway
2. Buxar-Bhagalpur Expressway
3. Bodhgaya, Rajgir, Vaishali and Darbhanga Spur
4. 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.