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The Union Budget 2024 holds importance for all, it decides the fate of common man as well as the farmers and the youth of the country. Budget 2024 presented in the lower house of the Parliament by our honorable Finance Minister Ms. Nirmala Sitharaman marks the opening of new era in India Economic journey. With a view to aid middle-class and focus on growth with stability, technological advancement and inclusivity. The budget outlines the significant points and initiatives. Here’s an in-depth look at the major takeaways from this year's budget.
Tax Benefits- Union Budget 2024
New Tax Regime specifies the Tax slabs as mentioned below:
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
As per New Tax Regime the Standard Deduction raised from Rs 50,000 to Rs 75,000, which offers adequate saving. Family pension deduction from employers side increased from INR 15,000 to INR 25,000.
Budget 2024 Announcements for STT, Short-term capital gains and LTCG (Long –Term Capital Gains)
Short-term capital gains will now be taxed at 20% where as LTCG will now be taxed at 12.5% for some assets. Unlisted bonds, debentures to attract tax on capital gains
Union Budget 2024 Highlights: (STT) Securities Transaction Tax 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 increased by 0.02 per cent and 0.1 per cent.
(LTCG) Long-term capital gains tax on immovable properties reduced from 20 % to 12.5 %, and indexation benefits reduced to adjust for inflation.
Union Budget 2024 Highlights:- Angel tax abolished for all investors
- TDS on e-commerce cut to 0.1 percent from 1 percent
- 2024 Budget 2024 Custom Duty Changes:
- Gold, silver to get cheaper: Customs duty on gold and silver cut from to 6 per cent and for platinum to 6.4 per cent.
- Customs duty on ferronickel, blister copper reduced to 10% from 15% providing benefits to specified telecom sector equipment.
- Duty reduced on certain brood stocks, shrimps and fish feed to 5 per cent.
- Duty increased 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 (MDI) Methylene diphenyl diisocyanate for manufacture of spandex yarn from 7.5 to 5 per cent.
- Employer NPS deduction increased from 10% to 14%.
- 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 decreased from 40% to 35%.
- Employment & Skilling:
- One-month salary/wage to new job entrants in all formal sectors up to ₹15,000 in 3 installments.
- Incentive to both employee & employer for EPFO contributions linked to first-time employees - in the specified scales for the first 4 years.
- Government will reimburse EPFO contributions of employers for 2 years up to ₹3000 per month for all new joinees.
- Agricultural and Rural Development:
- Focus on raising productivity and developing climate resilient varieties with transformation in Agricultural Research
- National Cooperation Policy for all-round development of the cooperative sector
- Atmanirbharta for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower
- Release of new varieties: 109 new high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers
- Vegetable production & supply chain: Promotion of FPOs, cooperatives & start-ups for vegetable supply chains for collection, storage, and marketing
- Industry and Manufacturing
- Make in India: The Make in India initiative has gained momentum with upsurge of incentives for domestic manufacturing and investment in industrial clusters. Thereby, fostering competitiveness and job creation in key sectors such as electronics, textiles, and automobiles.
- MSME Support: Micro, Small, and Medium Enterprises (MSMEs) being the backbone of Indian Economy has seen special grants in this Budget2024. The budget introduced measures to improve access to credit, reduce regulatory burdens, and support innovation in the MSME sector.
- MSMEs Credit Guarantee Scheme in the Manufacturing Sector
- Mudra Loans limit increased upto ₹ 20 lakh under the‘Tarun’ category.
- Enhanced opportunity for mandatory onboarding in TReDS
- National Industrial Corridor Development Programme introduces Twelve industrial parks to benefit industry and manufacturing.
The Union Budget 2024 outlines a comprehensive vision for India's future, focusing on growth, inclusivity, and sustainability. By prioritizing infrastructure development, technological advancement, and social welfare, the government aims to create a robust foundation for long-term economic prosperity. The budget’s success will depend on effective implementation and collaboration between various stakeholders to achieve its ambitious goals.
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