The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman aims to boost economic growth, enhance ease of living, and promote sustainable development. Here are the key highlights.
 |
| India Budget 2024 Key Highlights and Takeaways |
India Budget 2024: A Comprehensive Overview
- Tax Regime: The new tax regime will have a revised structure with a standard deduction of Rs 75,000
- - 0-3L: Zero
- - 3-7L: 5%
- - 7-10L: 10%
- - 10-12L: 15%
- - 12-15L: 20%
- - 15 & above: 30%
- Employment and Skilling: The budget announced a PM Package of 5 schemes to facilitate employment and skilling at an outlay of Rs 2 lakh crore ¹.
- This will focus on recognizing first-time employees and providing incentives for both employees and employers.
- Agriculture: The government will undertake a comprehensive review of the agricultural research setup to increase productivity and develop climate-resilient varieties ¹.
- Domain experts will oversee the conduct of this research to ensure its effectiveness and relevance.
- Education: The budget announced financial support for loans up to Rs 10 lakh for higher education ¹.
- A provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.
- FDI: The rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow ¹.
- This move is aimed at prioritizing and promoting the use of the rupee for overseas investments.
- Corporate Tax: The corporate tax rate for foreign companies has been reduced from 40% to 35%.
- Startups: The Angel tax has been abolished for all investor classes.
- Telecom: There will be an increase by 10-15% on printed circuit board assemblies (PCBA) on specific telecom equipment.
- The duty on mobiles and accessories has been proposed to be cut to 15%.
- Customs Duty: Import levies on gold and silver have been cut from 15% to 6%.
- Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics will be made fully exempt.
- GST: The government will strive to rationalize the tax structure to further enhance the benefits of GST.
- Realty Sector: The housing needs of the urban poor
India Budget 2024: Major Announcements and Reforms
- Increase in income tax exemption limit to ₹5 lakhs
- Introduction of a new tax regime with reduced rates
- Boost to infrastructure development with ₹10 lakh crore allocation
- Emphasis on digital economy and fintech initiatives
India Budget 2024: Tax Reforms and Incentives
- Reduction in corporate tax rate to 25%
- Extension of tax benefits for startups and MSMEs
- Introduction of a new tax incentive for investments in renewable energy
India Budget 2024: Sector-wise Allocations and Initiatives
- Agriculture: ₹1.5 lakh crore allocation for farmer welfare schemes
- Healthcare: ₹70,000 crore allocation for Ayushman Bharat scheme
- Education: ₹99,000 crore allocation for Samagra Shiksha Abhiyan
- Infrastructure: ₹10 lakh crore allocation for roads, railways, and airports.
Conclusion: The India Budget 2024 aims to drive economic growth, improve ease of living, and promote sustainable development. With a focus on tax reforms, infrastructure development, and sector-wise initiatives, this budget is expected to have a positive impact on various industries and individuals.
www.tspscinfo.com and www.esarkarijob.com PDF BUDGET 2024-2025 NIRMALA SITHARAMAN
