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PremiumIncome Tax Budget 2024 Highlights: Finance Minister Nirmala Sitharaman presented Budget 2024 on July 23. The FM announced a marginal income tax relief for the middle class. Sitharaman raised the standard deduction -- a flat deduction from the total salary earned by an employee in a year before calculating the applicable income tax rate -- by 50 per cent to ₹75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime.
Commenting on the budget, Prime Minister Narendra Modi said it "will act as a catalyst in making India the third-largest economy in the world (from fifth largest today) and will lay a solid foundation for a developed India".
How to access Budget 2024 documents:
You can view the Budget 2024 through the Union Budget Mobile App, available on Android and iOS platforms. The Budget speech documents is accessible on the web portal at www.indiabudget.gov.in.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, and Corporate Reactions.
STCG raised to 20%
LTCG raised to 12.5% from 10%
Income Tax Budget 2024 LIVE: 2% TDS is being withdrawn on Mutual funds
Credit of TCS is proposed to be given in salary
Standard operating procedure of TDS procedure
Income Tax Budget 2024 LIVE: FM Sitharaman on income tax laws, says we are simplifying the regime for charity and taxation
Income Tax Budget 2024 LIVE: It has been our endeavour to simplify taxation, says FM Sitharaman
Income Tax Budget 2024 LIVE: "I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%," said Finance Minister Nirmala Sitharaman.
Income Tax Budget 2024 LIVE: Fiscal deficit is estimated at 4.9 per cent of GDP: FM announces in Budget for 2024-25.
Income Tax Budget 2024 LIVE: EPFO finds a place in the 2024-25 budget, and its function is probably also linked to education and employment. Therefore, this ₹1.48 lakh crore, along with the ₹3,000 monthly reimbursement scheme, becomes a massive public investment in human resources.
Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited
This approach finds a comfortable place in the globally practiced integration of social security with skill development. Coupling the EPFO contribution to new employment, the Government would be using Social Security measures as a lever for job creation. Result-oriented continuation of Schemes of Interim Budget will hint that perennial vision exists towards Workforce Development, which must in principle proceed to address fundamental challenges like Youth Unemployment and Underemployment. This policy therefore creates a win-win situation for both employers and employees, possibly leading to accelerated economic growth and improvement in the overall quality of employment in India through increased participation in the formal sector.
Rural demand for two-wheelers and tractors should get a leg-up from the allocation of ₹1.52 lakh crore for agriculture and allied activities. Additionally, demand for tippers and construction equipment will be spurred because of infrastructure development projects in Bihar and Andhra Pradesh.
Capex in the first two months of this fiscal was down 14.4% on-year. So, the government’s budgeted target of ₹11.1 lakh crore means capex will have to grow at a 23.9% clip for the rest of this fiscal.
The increased capex assistance of ₹1.5 lakh crore to states this fiscal – up from 1.3 lakh crore announced during interim budget – will be salutary
Income Tax Budget 2024 Live: Union Budget 2024-25 proposes
14 large cities with a population above 30 lakh will have Transit Oriented Development plans
1 crore urban poor and middle-class families to be covered under #PMAwasYojana Urban 2.0
100 weekly ‘haats’ or street food hubs in select cities
Moin Ladha, Partner at Khaitan & Co -
"The government has announced schemes to provide (i) education loans of up to INR 10 lakhs for students studying in domestic institution with an interest rate of 3%, and (ii) loans of up to INR 7.5 Lakhs for individuals backed by guarantee from a government fund for promoting business skill development. The schemes are in line with government’s other schemes to make India ‘aatmanirbhar’ such as Make in Bharat and establishment of GIFT City to encourage investments in India. This will not only reduce foreign exchange spending but will also provide relevant opportunity to students for growth /employment and evaluations entrepreneurial opportunities."
Income Tax Budget 2024 Live: The finance minister proposes ₹1.5 lakh cr long-term interest-free loans to support states in developing infra.
Income Tax Budget 2024 Live: Private sector investment in infrastructure to be facilitated via Viability Gap Funding, says FM Nirmala Sitharaman while presenting her seventh budget.
Income Tax Budget 2024 Live: The Union government has proposed ₹26,000 crore for various road projects in Bihar, Sitharaman said in Lok Sabha.
"On the Amritsar-Kolkata industrial corridor, we will support the development of an industrial node at Gaya in Bihar. We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for ₹26,000 crore."
Income Tax Budget 2024 Live: Finance Minister Nirmala Sitharaman says, "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."
Income Tax Budget 2024 LIVE: The government on Tuesday announced a series of measures to develop Andhra Pradesh, including arranging ₹15,000 crore this fiscal and in future years for the development of the state's capital city.
Presenting Union Budget 2024-25, Finance Minister Nirmala Sitharaman said the government will also facilitate exceptional financial support for developing the capital city.
Income Tax Budget 2024 LIVE: Union Budget 2024-25 proposals
1⃣ ₹3 lakh crore for schemes benefitting women and girls
2⃣ More than 100 branches of India Post Payment Bank to be set up in the North East region
3⃣ Completion of Polavaram Irrigation Project to ensure food security of the nation
Income Tax Budget 2024 Live: Finance Minister Nirmala Sitharaman says, "...One month's wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month's 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."
Income Tax Budget 2024 Live: Finance Minister Nirmala Sitharaman says, "...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.
Income Tax Budget 2024 Live: The government on Tuesday said it will launch three employment-linked schemes.
While presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman said the government will provide incentives to 30 lakh youth entering the job market by providing one month's PF (provident fund) contribution.
Income Tax Budget 2024 Live: proposes ₹26,000 crore for various road projects in Bihar, says FM in Lok Sabha.
Income Tax Budget 2024 Live: FM Sitharaman says,"Govt to provide financial support for loans up to ₹10 lakhs for higher education in domestic institutions."
Income Tax Budget 2024 Live: 2 lakh crore package announced For 5 Schemes. These 5 new schemes will focus on jobs, skilling 4.1 crore youths
Income Tax Budget 2024 Live: The Union Budget 2024-25 envisages sustained efforts on 9 priorities for generating ample opportunities for all.
Income Tax Budget 2024 Live: EPFO scheme to benefit 30 lakh youth, says FM Sitharaman
Income Tax Budget 2024 Live: I am happy to announce that Kisan-enabled credit cards in 5 states, says FM Sitharaman
Income Tax Budget 2024 Live: Turning attention to the full year and beyond, in this budget, we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
Income Tax Budget 2024 Live: Union Finance Minister Nirmala Sitharaman presents the first Budget of the third consecutive Modi government "The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term...", said FM Sitharaman.
Income Tax Budget 2024 Live: Union Finance Minister Nirmala Sitharaman presents the first Budget of the third consecutive Modi government. FM says, "The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term..."
Income Tax Budget 2024 Live: FM Sitharaman begins her speech. FM is presenting budget documents in Lok Sabha. Taxpayers are eagerly awaiting income tax announcements.
Income Tax Budget 2024 Live: Union Cabinet approves Budget 2024-25, the first Budget of Modi 3.0 Govt. FM Sitharaman will present her speech shortly.
Income Tax Budget 2024 Live: These tax rates last changed seven years ago, in 2017-18. Since then, some minuscule changes have been made. One such change was the announcement in 2019 of a tax rebate of ₹12,500, which means taxpayers with earnings up to ₹5 lakh do not have a tax liability.
Income Tax Budget 2024 Live: The Union Cabinet, headed by PM Modi, meets in Parliament to approve the Union Budget before its presentation by Finance Minister Nirmala Sitharaman.
Union Minister Jyotiraditya Scindia arrives at the Parliament ahead of the Union Budget presentation.
"The budget will be a journey of resolve to take the country on the path of development and progress. It is our hope that on the basis of this budget, we will move rapidly towards achieving the goal of 'Viksit Bharat' as per the resolve of the Prime Minister," he said, ANI reported.
Income Tax Budget 2024 Live: Finance Minister Nirmala Sitharaman is all set to present her seventh Budget. Meanwhile, memesters leave no stone unturned to present hilarious memes and jokes on this occasion. Many of these memes are about the “apprehensions" of the middle class about the Income Tax scenario. Read More
Income Tax Budget 2024 Live Updates: Budget copies arrive in Parliament, and Finance Minister Nirmala Sitharaman will present the Union Budget today in the Lok Sabha.
Income Tax Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman, carrying the Budget tablet, arrives at Parliament to present the first Budget in the third term of the Modi Government.
Income Tax Budget 2024 Live Updates: A look at current old regime tax slabs
1) Income up to ₹2.5 is exempt from taxation under the old tax regime.
2) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old tax regime.
3) Personal income from ₹5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regime
4) Under the old regime, personal income above ₹10 lakh is taxed at a rate of 30 per cent.
In the old tax regime, the income tax exemption limit was ₹3 lakh for senior citizens aged above 60 but less than 80 and ₹5 lakh for super senior citizens aged above 80.
The middle class eagerly awaited some income tax reforms that would enable them to curtail their tax outgo.
Income Tax Budget 2024 Live Updates: Copies of the Jammu and Kashmir Union Territories' 2024 Budget have arrived at the Parliament today, July 23, ahead of Finance Minister Nirmala Sitharaman's speech
Income Tax Budget 2024 Live Updates: Speaking to the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas".
Income Tax Budget 2024 LIVE: No tax would be levied for income up to ₹3 lakh
-Income between ₹3-6 lakh would be taxed at 5 per cent (tax rebate under Section 87A is available)
-Income between ₹6-9 lakh would be taxed at 10 per cent (tax rebate under Section 87A on income up to ₹7 lakh is available)
-Income between ₹9-12 lakh at 15 per cent
-Income between ₹12-15 lakh at 20 per cent
-Income of ₹15 lakh and above will be taxed at 30 per cent.
The new tax regime's tax rates are the same for all categories of Individuals, i.e., individuals, senior citizens, and super senior citizens.
Income Tax Budget 2024 LIVE: What homebuyers and real estate investors expect from FM Sitharaman
- Increase in Deduction Limits: Raise the deduction limit for interest payment on home loans from the existing ₹2 lakh per year to ₹5 lakh to add momentum to housing demand.
- Long-Term Capital Gains: Bring long-term capital gains at 10% on par with equity shares.
- Municipal Charges: Exclude municipal charges from the purview of GST.
- GST Reduction: Reduce GST on under-construction properties to make homes more affordable.
Income Tax Budget 2024 LIVE: India's nominal GDP growth (real GDP plus inflation) in the current fiscal year is estimated to be 10.5 per cent to ₹327.7 trillion as per the Interim Budget. In view of the expected normal monsoon, improvement in revenue collections and pick up in rural consumption, it is expected that there could be an upward revision in the growth estimate. Real GDP growth in the current fiscal is projected at 7.2 per cent, as per the RBI.
Income Tax Budget 2024 LIVE: Finance Minister Nirmala Sitharaman was pictured wearing a white saree with a violet border as she arrived at the Ministry. She will present Union Budget 2024 in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets. The budget is likely to focus on changes in the income tax structure and improving the ease of doing business in India.
Income Tax Budget 2024 LIVE: The government's gross borrowing Budget was ₹14.13 lakh crore in the current financial year, as per the Interim Budget. The government borrows from the market to fund its fiscal deficit. The borrowing number will be watched by the market, especially given the more-than-expected dividend from the RBI and financial institutions.
Income Tax Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Union Budget 2024 today
Income Tax Budget 2024 Live: "We are optimistic about the positive measures to bolster the luxury real estate sector and enhance the overall market dynamics. This aligns with the growing aspirations towards a luxury lifestyle, where consumers seek high-quality, sophisticated home interior solutions. We urge the government to rationalise GST and reduce home loan interest to stimulate demand and growth for the luxury real estate sector. Additionally, we hope to see initiatives aimed at boosting local manufacturing capacity that can further strengthen the make-in-India initiative and also increase the availability of world-class products in the domestic market," said Gaurav Malhotra, Managing Director, Hansgrohe India
Income Tax Budget 2024 Live: The Economic Survey 2024 cautioned against speculative trading, emphasising that the anticipation of higher returns divorced from actual market conditions is a significant concern.
Income Tax Budget 2024 LIVE: "I have seen people in their 20s saying they don’t need to work, because they are busy doing F&O. Young women who say their lifestyle and handbags are funded by trading gains.
The Economic Survey highlights this in some very strong language. Other regulators have also rightly and repeatedly warned us about this.
It is time something is finally done about this form of liquidity that is both unproductive for the economy and dangerous for the individual," tweets Radhika Gupta.
Will Finance Minister Nirmala Sitharaman announce income tax relief for the middle class in her budget speech today? The middle class received nothing in the pre-election interim Budget, so their expectations are high.
The new tax regime's basic exemption limit is ₹3 lakh. Adjustments to tax rates for various slabs in previous budgets have aimed to reduce the overall tax burden for many individuals.
Income Tax Budget 2024 Live: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024 today, 23 July, and it would be interesting to see how the markets may react. An essential component for stock market investors is capital gains tax, and any changes in this can lead to significant implications for the market
