Union Budget 2024 Live: Standard Deduction for salaried employees hiked to Rs 75,000
FM Nirmala Sitharaman presents Modi 3.0 govt's first budget
Finance Minister Nirmala Sitharaman Tuesday presented her seventh straight Union Budget (Photo: PTI)
CHENNAI: Finance Minister Nirmala Sitharaman Tuesday presented her seventh straight Union Budget.
FM Sitharaman marks her seventh consecutive budget eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.
All eyes are on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy.
Besides, the market also expects staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.
Sitharaman, who would be presenting her seventh straight budget, had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
This year's Budget would be in paperless form, as done in the last three years.'
0 to Rs 3 lakh - NIL
Rs 3 lakh to 7 lakh - 5%,
Rs 7 lakh to 10 lakh - 10%,
Rs 10 lakh to 12 lakh - 15%,
Rs 12 lakh to 15 lakh - 20%,
Above Rs 15 lakh - 30%
Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.
Standard Deduction for salaried employees hiked to Rs 75,000, from Rs 50,000 under new income tax regime in FY25: FM.
"To enhance domestic value addition in gold and precious metal jewelry, I propose to reduce customs duties on gold and silver to 6% and on platinum to 6.4%. Additionally, since other metals like steel and copper are important raw materials, customs duties on these will be also reduced to support production..." says Union Finance Minister Nirmala Sitharaman
For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000: Finance Minister Nirmala Sitharaman
Rs 10 lakh crore proposed for PM Awas Yojana - Urban 2.0 to address housing needs of 1 crore urban poor, middle class: FM.
🔴Union Budget 2024: Govt proposes Vivad Se Vishwas Scheme 2024 to reduce tax litigation: FM Sitharaman.#DTNext #Budget2024 #UnionBudget #IncomeTax #UnionBudget2024 #NirmalaSitharaman #FinancialBudget2024— DT Next (@dt_next) July 23, 2024
Union Finance Minister Nirmala Sitharaman says "Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for High Courts and Rs 5 crores for Supreme Court...I propose to abolish the Angel tax abolished for all classes of investors. Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent..."
Govt abolishes Angel tax for all classes of investors in startups: FM.