Nirmala Sitharaman announces Union Budget 2024: 13 key highlights
Finance minister Nirmala Sitharaman presented the Union Budget 2024 on July 23, 2024. This is her seventh consecutive budget speech. Here are some key highlights of the budget.
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New Tax Regime
₹0- ₹3 lakh - Nil
₹3-7 lakh - 5%
₹7-10 lakh - 10%
₹10-12 lakh - 15%
12-15 lakh - 20%
Above ₹15 lakh - 30%
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Sitharaman said that the tax payers would save up to ₹17,500 in tax with the revised structure. She also announced an increase in the standard deduction to ₹75,000 under the new tax regime.
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The government proposed ₹1.48 lakh crore for education, employment, and skilling and ₹11 lakh crore for capital expenditure for infrastructure development.
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The nine priorities in the Union Budget include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms.
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The government will provide financial support for loans up to ₹10 lakh for higher education in domestic institutions.
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The government proposed to abolish 'angel tax', a tax levied on the investment received by startups from angel investors.
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Announcing the comprehensive review of the Income Tax Act, of 1961, the finance minister also proposed to increase the exemption on capital gains tax for certain assets to ₹1.5 lakh.
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Sitharaman proposed to reduce customs duty on mobile phones and chargers to 15%. Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%.
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The Union minister proposed to set up street food hubs in select cities. She also announced ₹11,500 crore for Bihar for flood control measures.
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The Union government proposed ₹26,000 crore for various road projects in Bihar. Sitharaman said that the government will arrange ₹15,000 crore for Andhra Pradesh's capital needs.
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Sitharaman said, "India's inflation continues to be stable and moving towards the 4 percent target."
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The government will provide incentives to 30 lakh youth entering the job market by providing 1 monthly PF contribution, she said.
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The government will launch an initiative to provide internship opportunities to 1 crore youth in 500 top companies with ₹5000 per month as internship allowance and one-time assistance of ₹6000.