23/07/2024
Budget 2024-25 Highlights in simple words!!
Finance Minister Nirmala Sitharaman announced the Union Budget 2024-25 in the parliament on July 23. The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%.
Here are the key items in government focus:
The tax structure will be revised, saving taxpayers Rs 17,500
Standard Deduction on New Tax Regime increased from Rs 30,000 to Rs 75,000.
Short-term gains tax on specified financial assets increased from 15 per cent to 20 per cent
Long-term gains tax on all assets raised to 12.5 per cent from earlier 10 per cent
The Budget proposed to abolish ‘angel tax’ for all investor classes to support start-ups and innovation.
Budget allocations for Andhra Pradesh and Bihar:
Social and infrastructure funds announced for Andhra Pradesh, with a backward region grant for three districts
Rs 15,000 crore financial assistance for Amaravati’s development with promises for future funding
Rs 26,000 crore for roads and expressways in Bihar
Funds allocated for temple development in Bihar and Odisha.
What are your views on this budget?
Source: Key Features of Budget 2024-2025 (July, 2024)
[CA Deepak Bhati, Budget, Budget 2024, Finance]