Union Budget 2024 Live Updates:
Finance Minister Nirmala Sitharaman is set to present her seventh consecutive budget shortly. The Union Budget 2024 is expected to lay out a plan for a developed India by 2047, while highlighting the Modi government’s accomplishments over the past decade. Key areas of focus will include whether Sitharaman introduces the much-anticipated tax relief for the middle class to boost their disposable income, amidst the current tax buoyancy. Additionally, the market anticipates that the Union Budget 2024 will follow the fiscal glide path to lower the fiscal deficit to 4.5 percent of GDP by 2025-26.
Here is the full list of items that will get cheaper and costlier:
| Costlier | Cheaper |
| – Govt increases basic customs duty to 15% from 10% on specified telecom equipment. – Custom duty hiked on plastic products. | – Duty cut on mobiles, chargers and accessories to 15 per cent. – Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%. – Three cancer treatment medicines exempted from basic customs duty. – Govt removes Basic Customs Duty on ferro nickle, and blister copper. – FM proposed to expand list of exempted capital goods used in the manufacturing of solar panels. – Fully exempt custom duties on 25 critical minerals. – Reduce customs duty on shrimp and fish feed to 5%. – Fully exempt custom duties on 25 critical minerals |
Stay tuned for live updates on the Union Budget 2024.
- To abolish angel tax for all classes of investors
- Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate
- Salaried employees under new tax regime to save up ₹ 17, 500 annually in taxes
- Government to reduce customs duty on gold, silver to 6%, platinum to 6.4%
- Short-term gains on some financial assets to attract 20%
- New tax regime slabs to be changed, standard tax deduction increased from 50,000 to 75,000
- Government to exempt three more medicines for cancer treatment from customs duty
- Changes In New Income Tax Regime Slab
- 0-3 lakh : NilÂ
- 3-7 lakh: 5%
- 7-10 lakh: 10%
- 10-12 lakh: 15%
- 12-15 lakh: 20%
- Above 15 lakh: 30%
- Two tax exemption regimes for charities to be merged into one
- To simplify and rationalize the tax structure for ease of business
- The government will provide assistance to Assam for flood management, irrigation projects
- Sitharaman proposes ₹11,500 crore for Bihar flood control
- Comprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported
- The government will provide assistance to Assam for flood management, irrigation projects
- FY25 allocation towards CAPEX set at ₹ 11.11 lakh crore
- PM Surya Ghar Muft Bijli launched to install roof-top solar for 1 crore households
- Government to launch scheme to develop 100 street food hubs in select cities over five years
- The Union government has proposed ₹26,000 crore for various road projects in Bihar.
- Transit oriented development programmes for 14 large cities with a population above 30 lakh will be formulated, says Nirmala SitharamanÂ
- Rental housing with dormitory-type accommodation for industrial workers to be facilitated in PPP mode with VGF support, says Nirmala Sitharaman. Â
- Internship in 500 top companies to be encouraged. Internship allowance of ₹ 5000 and one-time assistance of ₹ 6,000 to be provided under internship scheme, says Nirmala Sitharaman
- Credit guarantee scheme for MSMEs in manufacturing to be introduced, says Nirmala Sitharaman
- Mudra loans limit to be enhanced to ₹ 20 lakh from ₹ 10 lakh, says Nirmala Sitharaman
- Rs 15,000 crore to be arranged for Andhra Pradesh in FY25 for development of its capital, says Nirmala Sitharaman
- Four expressway and bridge projects worth ₹ 26,000 crores for Bihar, says Nirmala Sitharaman
- Model skill loan scheme to be revised to facilitate loans up to ₹ 7.5 lakh with guarantee from government-promoted fund, says Nirmala Sitharaman
- Incentive to be provided at specified scale both to employee, employer in first four years of employment, says Nirmala Sitharaman
- 1 crore farmers to be initiated into natural farming over 2 years, says Nirmala Sitharaman
- India’s inflation continues to be low, stable, moving towards 4% target, says Nirmala Sitharaman
- Budget to focus on employment, skilling, MSMEs, middle class, says Nirmala Sitharaman
