Union Budget 2024 has been presented by Finance Minister Nirmala Sitharaman in Parliament on 23rd July 2024. After Interim Budget presented on 1st February, now, the newly formed government has presented the full budget for this financial year 2024-25.
Finance Minister has announced that the Union Budget 2024 has been focused on these key areas:
- 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
Union Budget 2024 Key Features
The direct tax proposals have been changed under this new system. Any one earning more than 3 lakhs per year, will have to pay tax with Rs. 3-7 lakhs people asked to pay upto 5%, 7-10 upto 10%, 10-12 upto 15%, 12-15 upto 20% above 15 lakhs upto 30%. Standard Deduction has been increased to salaried employees to Rs.75,000 from Rs.50,000 in this Union Budget proposals.
For Andhra Pradesh and Bihar, in Union Budget 2024, an allottment of Rs.60,000 crore has been sactioned for infrastructure development. Also, another Rs.15,000 crore financial aid has been announced too. FM has also announced abolition of angel tax for startups and reduced custom duty for mobiles and gold. But increased Securities Transaction Tax and introduced new system in Capital Gains Tax as well.
Overall, Union Budget 2024 has been introduced keeping various factors in mind right from political gains to solidifying the hold of government in several states. Improvement in friendly relations with various nations has also been part of it. On the other hand, opposition parties have classified this as anti-middle class budget.
