Union Budget 2024 Updates: “Want To Simplify Approach To Taxation,” Says Nirmala Sitharaman On Lower Capital Gains
On July 23, the first budget under the Modi 3.0 administration was presented by Finance Minister Nirmala Sitharaman.
In order to comply with the new tax laws, Sitharaman raised the standard deduction and changed the tax rates for those with salaries. Apart from this, a reduction in customs duties was declared on gold, silver, cell phones, and other items.
Infrastructure spending accounts for 3.4% of GDP, and the Center’s FY25 Capital expenditures are estimated at ₹11.1 lakh crore, which is unchanged from the Interim Budget.
The following tax rate revision under the new tax regime:
₹0–3 lakh, tax free
₹3-5 lakh, or 5%
₹7–10 lakh – 10%
₹10–12 lakh–15%
₹12-15 lakh (20%)
Over 15 lakh rupees – 30%
Employment and Skilling:
Work-related incentives, such as a month’s salary support for newly hired staff
Initiatives for women-only skill development and greater engagement in the workforce
MSME and Manufacturing Support:
MSMEs’ access to technology support packages
24 new branches of SIDBI will open to support MSME clusters.
Financial Initiatives:
Up to ₹10 lakhs in loans for higher education from domestic institutions
Technology system integrated for the Insolvency and Bankruptcy Code (IBC)
₹2.66 lakh crore is allocated for rural development in the fields of agriculture and rural development.
Shifting the focus of agricultural research to crop types that are adaptable to climate change and productivity
A two-year plan to train one crore farmers in natural farming
Regional Development and Infrastructure:
A special ₹15,00,000 financial assistance program for Andhra Pradesh
Bihar’s new airports, healthcare centers, and sporting facilities
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