Sitharaman Concludes Budget Speech
The Union Budget 2024 speech time lasts lasts approximately 80 Minutes
Revised tax slabs under new regime
0-3L - 0%
3-7 L - 5%
7-10 L - 10 %
10 - 12 L - 15 %
12 - 15 L - 20%
over 15 L - 30%
Standard Deduction Raised to ₹75,000; Family Pension Deduction Increased to ₹25,000
Two major announcement
Standard deduction for salaried individuals under new tax regime increased to 75000 from 50000
Deduction of family pension increased to 15,000 to Rs 25,000
Capital Gains exemption raised to Rs 1.25 Lakh per Year for Certain Assets
Union Finance Minister Nirmala Sitharaman announced: "The monetary limit for filing tax appeals is increased to Rs 60 lakh for ITAT, Rs 2 crore for High Courts, and Rs 5 crore for the Supreme Court. I propose to abolish the Angel Tax for all types of investors. Additionally, the corporate tax rate for foreign companies will be reduced from 40% to 35%."
Angel tax abolished
Simpler tax regime for foreign cruise companies operating in India to attract tourism.
Diamond cutting industries to get safe harbor rates for companies.
Corporate Tax Rate for Foreign Companies reduced from 40% to 35%
TDS Simplified
FM: "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months."
TDS on E-commence to be reduced from 1 to o.1 per cent.
Reduce the BCD on mobile phones
FM: "I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%."
Venture capital fund of Rs 1000 crore
FM: "The government has proposed to set up a venture capital fund of ₹1000 crore for the space economy."
Fiscal Deficit Reduced to 4.9% of GDP
Fiscal Deficit reduced to 4.9% of GDP; Market borrowing unchanged at Rs 14.13 Lakh Crore
Stock Market Update: Markets Trading in Red
At 12:00 PM, Indian headline indices are trading in the red, with the Sensex at 80,294.32, down by 203.03 points. Similarly, the NSE Nifty is at 24,451.85, down by 57.40 points.
Integrated technology platform
"Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery," says FM
Flood Concern
Financial Assistance for Flood-Hit Sikkim, Assam, Uttarakhand, and Himachal Pradesh
₹10 Lakh Crore Allocated for Urban Housing
Sitharaman announces Rs 10 lakh crore investment to address housing needs of 1 crore urban poor and middle-class families
PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar panels for 1 crore households.
Working women hostels will be set up
FM says, "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions"
Investment in power projects
Rs 21,400 crore investment in power projects, including a new 2400 MW power plant at Pirpainti, along with new airports, medical colleges, and sports infrastructure in Bihar.
Job Creation Scheme Tied to First-Time Workers
The new scheme will provide EPFO contribution incentives for employees and employers for the first four years. It aims to support 3 million young people and cover various sectors. Employers will receive up to ₹3,000 per month for two years for each new employee's EPFO contributions, with the goal of creating 5 million additional jobs.
FM on Direct Benefit Transfer
"One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth," says FM
Mudra Loans Increased to Rs 20 Lakh
Mudra loan limit raised to Rs 20 Lakh for those with existing repayment history
FM Announces Focus on MSMEs in Budget
New credit guarantee scheme for MSME nanufacturing sector; Term loans facilitated for machinery purchases and package formulated for technology Support financing for MSMEs
Rs 1.52 Lakh Crore Allocated to Agriculture Sector
Finance Minister announces Rs 1.52 lakh crore allocation to Agriculture, potentially boosting eural demand for Entry-Level two-Wheelers and tractors
FM Announces Special Financial Support for Andhra Pradesh
FM: Budget allocates Rs 15,000 Crore for Andhra Pradesh, with additional funds in future years.
Finance Minister Nirmala Sitharaman stated, "Our government has worked to honor the commitments made under the Andhra Pradesh Reorganisation Act. Acknowledging the state's capital needs, we will provide special financial support through multilateral agencies. For the current fiscal year, we will arrange ₹15,000 crore, with additional funds allocated in future years."
New Plan "Purvodaya"
FM: New Plan "Purvodaya" for Comprehensive Development in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh
Govt to Support Education Loans Up to ₹10 Lakhs: FM Sitharaman
FM Sitharaman: "Government to Provide Financial Support for Education Loans Up to ₹10 Lakhs for Higher Education in Domestic Institutions"
FM announces three schemes for employment linked incentives
-One month's wage for freshers
-Job creation in manufacturing
-Support to employers
FM Sitharaman Announces One-Month Salary Support for First-Time Employees
FM: Direct Benefit Transfer of One-Month Salary for First-Time Employees Up to ₹15,000; Eligibility Cap at ₹1 Lakh Per Month
FM: 210 Lakh Youth to Benefit
FM: Job Creation in Manufacturing with Incentives for EPFO Contributions. 30 Lakh Youth and Their Employers to Benefit
Nine Key Priorities
Detailed Roadmap to Pursue Nine Key Priorities for Creating Opportunities in India: FM
Priorities include - Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, Next-Generation Reform.
FM: Focus on Garib, Mahilaye, Yuva, and Annadata in Union Budget 2024
"We need to focus on the garib, mahilaye, yuva, and annadata," says Finance Minister. "For annadata, we announced higher MSP for all major crops a month ago, fulfilling our promise. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting over 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway."
5 Schemes With An Outlay Of ₹2 Crore Announced
The FM started the speech by channelling the PM's vision. She laid emphasis on key elements. This includes Employment, Skilling, MSMEs and the Middle Class. She said, that the government intends to implement as many as 5 different schemes with an outlay of Rs 2 lakh crore for 4.1 crore Indian youths.
FM Sithraman Starts The Budget Presentation For 2024-25
The Finance Minister started the Union Budget presentation after the House speaker Om Birla invited her to speak.
Markets Slip From Green To Red
After starting the day on an optimistic note with gains of over 0.10 per cent, the Indian markets have slipped to the red zone with, the benchmark BSE Sensex dropped by 0.18 per cent. Meanwhile NSE Nifty also dropped by 0.20 per cent right before the official presentation of the Union Budget.
PM Modi Arrives In Parliament
Prime Minister Modi has arrived in parliament. Earlier, FM Sitharaman arrived with a digital instrument to present the budget. This would be FM Sitharaman's 7th straight budget.
Congress MP Gaurav Gogoi scrutinizes Modi Government
The PM, through the budget, will help the 'crorepatis' who are close to him. The middle class and the sincere taxpayers will not get anything except hollow promises."
Union Cabinet Approves Budget Ahead of Sitharaman's Presentation
The Union Cabinet, led by PM Modi, convenes in Parliament to approve the Union Budget before Finance Minister Nirmala Sitharaman's presentation.
The president will sign The Finance bill 2024, Also known as Budget 2024 after it has been nodded by the upper house in parliament
Sitharaman arrives in Parliament to present Union Budget 2024
Finance Minister Nirmala Sitharaman Meets President Before Budget Presentation
.png)
As per established tradition, Nirmala Sitharaman met the President at the Rashtrapati Bhavan before heading to Parliament.
The President of India Droupadi Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget.
Budget Document Copies Arrive In Parliament
The Union is presented by FM Nirmala Sitharaman will be the 7th budget presesnted by her. The FM uses a tab to present the Union Budget.
The Budget is prepared in secrecy behind closed door. The budget is still printed and distributed to all members of Parliament as reference material.
The members of parliament still get a physical printed copy of the final union budget. which contain all data gathered and sorted by Ministry of finance.
Markets Open In Green On Budget Day
Union Budget day has arrived. The Union Finance Minister Nirmala Sitharaman will be presenting her 7th straight budget at 11:00 IST. This would be a record budget for the incumbent FM. The Indian markets opened in green on Tuesday i.e the Budget day, with Sensex at 80,733.15, up by 231.07 points, and Nifty at 24,570.55, up by 61.30 points.
RECENT STORIES
India’s First SM REIT IPO: Property Share Investment Trust To Launch ₹353 Crore PropShare...
HDFC Life Faces Data Breach As 'Unknown Source' Shares Customer Data With 'Mala Fide Intent';...
A Wagon Of Sigificance: The Kia EV9 GT
Five States Not Ready With Draft Rule On 3 Labour Codes: Labour Minister
Telangana Government Puts Adani Foundation's ₹100 Crore Donation For Young India Skills University...
