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.'
Live Updates
- 23 July 2024 7:00 AM GMT
Long term gains on financial and non-financial assets will attract tax rate of 12.5 pc: FM.
- 23 July 2024 7:00 AM GMT
Listed financial instruments held beyond 1 year to be considered long term as part of simplification of capital gain, says FM.
- 23 July 2024 7:00 AM GMT
Reopening of I-T assessment after 3 years only in cases where escaped income is Rs 50 lakh and above: FM.
23 July 2024 7:00 AM GMTTDP leader Somireddy Chandramohan Reddy says, "We are happy and welcoming the budget announcement by Union Finance Minister Nirmala Sitharaman. Jagan Mohan Reddy went to Delhi to damage the state's image, whereas Chandrababu Naidu went to Delhi twice after assuming power to seek financial assistance for the state's welfare and development. Andhra Pradesh is receiving 15,000 crores as a special package for the development of the state."
- 23 July 2024 6:57 AM GMT
"25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced, says FM Sitharaman.
- 23 July 2024 6:53 AM GMT
Union Finance Minister Nirmala Sitharaman says "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."
- 23 July 2024 6:52 AM GMT
Govt proposes to expand list of exempted capital goods used in manufacturing of solar cells and panels: FM in LS.
- 23 July 2024 6:49 AM GMT
During her Budget speech, FM Sitharaman says, "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months."
- 23 July 2024 6:44 AM GMT
On precious metals, FM Sitharaman says, "I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum."
