Union Budget 2024 Highlights: New Tax Slab In The New Tax Regime, Standard Deduction Hiked To Rs 75K

Modi 3.0 offer the much needed respite to common man in terms of tax relief. Here's the highlight from FM's Budget speech.

FM Nirmala Sitharaman Budget Speech 2024 in Hindi LIVE Updates:

FM Nirmala Sitharaman Budget Speech 2024 in Hindi LIVE Updates: As Finance Minister Nirmala Sitharaman rose to present the Union Budget 2024-25 in Parliament, she thanked the people of India who reposed their faith in the government led by PM Narendra Modi. She said that the government is determined to ensure that all Indians regardless of religion, caste, gender and age make substantial progress in realizing their life goals and aspirations

FM Sitharaman said that Gareeb, Mahilayen, Yuva, Annadata (Poor, Woman, Youth And Farmer) are focus areas of this government, as she began outlining the contents of her budget speech. ""As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people," she added.

"Turning attention to the full year and beyond, in this budget, we particularly focus on employment, skilling, MSMEs, and the middle class," said the FM.

All Union Budget Documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. is also be available on the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. The App is bilingual (English & Hindi) and is available on both Android and iOS platforms. The App can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). The Budget Speech is available on the Mobile App too.

23 July 2024

12:33 IST

Income Tax Budget 2024 Live: Announcement Of New Tax Slab In The New Tax Regime

Announcement of new tax slab in the new tax regime
No tax up to Rs 3 lakh 
5% tax on income up to Rs 3-7 lakh 
10% tax on income up to Rs 7-10 lakh in the new tax regime

12:17 IST

Union Budfet 2024 Live Updates: NPS-Vatsalya

NPS-Vatsalya, a plan for contribution by parents and guardians for minors, to be launched. Plan can be seamlessly converted into a normal NPS account on minor becoming an adult

12:12 IST

Income Tax Budget 2024 Live: Increase In Standard Deduction For Opting New Tax Regime

For those opting for new tax regime, FM has announced to increase the standard deduction from Rs 50,000 to Rs 75,000

12:08 IST

Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%

12:08 IST

FM proposes to set up a venture capital fund of Rs 1000 crore for the space economy

12:05 IST

Income Tax Budget 2024 Live: Fiscal Support For The Next 5 Years

The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4 per cent of our GDP.

12:04 IST

Budget 2024-25 Live: Push For Infra

Government’s endeavour to maintain strong fiscal support for infrastructure over the next 5 years

Capital expenditure to be Rs 11,11,111 crore @ 3.4% of GDP

Provision of Rs 1.5 lakh crore for long-term interest-free loans to support Infrastructure investment by state governments

11:38 IST

For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger

11:35 IST

Urban Housing: Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years

11:34 IST

Budget 2024 Live: Sustained Efforts On 9 Priorities

This Budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all - Productivity and Resilience in Agriculture - Employment and Skilling - Inclusive Human Resource Development and Social Justice - Manufacturing and Services - Urban Development - Energy Security - Infrastructure - Innovation, Research and Development - Next Generation Reforms

11:30 IST

Budget 2024-25 Live: Big Boost For MSMEs

Limit Of Mudra Loans To Be Hiked To Rs 20 Lakh From Rs 10 Lakh In Tarun Category

11:29 IST

Union Budget 2024 Live: Boost For Agriculture

Government to facilitate implementation of Digital Public Infrastructure (DPI) in agriculture, in partnership with the states 

Financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks to be provided  

11:27 IST

Govt to implement three schemes for employment-linked incentives as part of the Prime Minister's package

11:27 IST

1 crore farmers to be initiated into natural farming in the next 2 years. To set up 10,000 need-based bio resource centres in the country

11:23 IST

Govt to provide one month wages to all people who are newly entering the workforce in the formal sector

11:19 IST

Budget envisages sustained efforts on 9 priorities for generating ample opportunities for all

11:17 IST

New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding

11:11 IST

Gareeb, Mahilayen, Yuva, Annadata (Poor, Woman, Youth And Farmer) Are Focus Areas Of This Govt: FM

11:08 IST

Budget 2024 Live: Scheme For 4.1 Crore Youth

PM Schemes for 4.1 crore youth for over 5 year period with central outlay of Rs 2.5 crore, says FM. "I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh," said FM

10:59 IST

Union Budget 2024 Live: FM Begins Budget Speech

FM Sitharaman begins her Budget speech in Parliament. Sitharaman's 7th 7th consecutive Budget and the first Budget in the third term of Modi Government

10:51 IST

PM Modi reaches Parliament, ahead of the presentation of budget by Finance Minister Nirmala Sitharaman

10:03 IST

Union Budget 2024 Live: FM Arrives At Parliament

Finance Minister Nirmala Sitharaman, along with her team, arrives at Parliament. Carrying the Budget tablet, FM is slated to present the 7th consecutive Budget and the first Budget in the third term of Modi Government.

10:02 IST

Finance Minister Nirmala Sitharaman meets President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11am in Parliament.

09:30 IST

Budget 2024-25 Live: Market Jumps Ahead Of Budget

Sensex climbs 264.33 points to 80,766.41 in early trade ahead of Budget presentation; Nifty up 73.3 points to 24,582.55.

09:17 IST

Finance Minister Nirmala Sitharaman heads to Rashtrapati Bhavan to call on President Murmu. Budget presentation at 11am in Parliament

08:51 IST

Finance Minister Nirmala Sitharaman reaches Ministry ahead of Union Budget presentation

08:33 IST

Union Budget 2024 Live: FM Leaves Her Residence

Finance Minister Nirmala Sitharaman leaves from her residence. She will present the Union Budget in Parliament at 11 am

08:26 IST

Budget 2024 Live Updates

Minister of State Finance, Pankaj Chaudhary reaches the Ministry of Finance in North Block

08:16 IST

Budget 2024-25 Live: Subsidies For Agricultural Inputs Likely To Increase

Jyoti Prakash Gadia, Managing Director at Resurgent India said incentives and subsidies for agricultural inputs are likely to be increased. "In addition, a ground work on a long term policy for  the crucial 'Minimum Support Price ' for all major crops is also expected to be announced to win back the vote bank of the farmers on a sustainable basis," he added

07:13 IST

Budget 2024-25 Live: Insurance Sector Hopes For An Amendment To The Insurance Act 

The insurance sector hopes for an amendment to the insurance act which will enable the entry of new players, including foreign insurers and Insurtech companies to aid product innovation and wider insurance adoption in the country, said Sarbvir Singh, Joint Group CEO, PB Fintech.

"It’s also necessary to expand the long-standing deduction limit for both protection products - health and term insurance - under Section 80D and 80C, respectively," Singh adds

07:04 IST

Union Budget 2024 Live: Strong Emphasis On Capex Expected

Atul Shinghal, Founder and CEO, Scripbox said the government is expected to continue with a strong emphasis on capital expenditure. The FY2025 budget estimate for capex is Rs 11.11 lakh crore, representing a 16.9% increase over FY2024 revised estimates.

"Significant allocations are anticipated for railways (₹2.55 lakh crore, up 5%), roads, highways (₹1.68 lakh crore), and urban development," he adds

06:55 IST

Budget 2024 Live: PM Modi Says Eco Survey Highlights Strength Of Our Economy

PM Narendra Modi has said that the Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought. It also identifies areas for further growth and progress as we move towards building a Viksit Bharat, Modi added

06:53 IST

Budget 2024-25 Live: Introduce LTCG For High Value Life Insurance Plans

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance as said that the finance ministry should introduce Long Term Capital Gain taxability for all high value traditional life insurance plans (more than Rs.5 lakhs aggregate annual premium), in line with high value ULIPs. 

"This will bring in uniformity and tax efficiency for insurance customers at par with other similar financial products in the market," he adds

06:48 IST

Union Budget 2024 Live: Economic Survey Pegs Growth Forecast Of 6.5 to 7%

FM Sitharaman had tabled the pre-Budget Economic Survey on Monday pegging the growth forecast of 6.5 to 7 per cent for the current fiscal