New Delhi: Finance Minister Nirmala Sitharaman has created a record by presenting her 7th consecutive Union Budget in Parliament today.
Up until now, this record was with former Prime Minister Morarjji Desai, who presented five full consecutive budgets and one interim budget between 1959 and 1964. Desai, however, holds the record of presenting the most numbers of budgets at 10.
Offering a relief to the taxpayers, a proposal has been made in the Union Budget 2024 to increase the standard deduction from Rs 50,000 to Rs 75,000 under the new tax regime.
Here are the key takeaways from Finance Minister’s speech:
# Govt proposes financial support for setting up of 50 multi-product food irradiation units in MSME sector: FM in LS.
# Finance Minister announces corporate tax rate cut on foreign companies from 40 to 35 pc in FY25 Budget.
# Services of Centre for Processing Accelerated Corporate Exit to be extended for voluntary closure of LLPs to reduce closure time.
# With changes in personal tax, govt to forgo revenue worth Rs 7,000 cr, says finance minister.
# Long term gains on all financial, non-financial assets will attract a tax rate of 12.5 per cent: FM.
# Short term gains on certain financial assets will attract tax rate of 20 per cent: FM.
# To enable TCS on luxury goods, govt proposes to levy TCS of 1 pc on notified goods of value exceeding Rs 10 lakh: FM.
# FM proposes to decriminalise late payment of TDS, if payment is made before time prescribed for filing TDS statement.
# Govt hikes limits for filing appeals related to direct taxes, excise, service tax in tribunals to Rs 60 lakh, HCs to Rs 2 cr and SC to Rs 5 cr.
# FM proposes to discontinue quoting of Aadhaar Enrolment ID in place of Aadhaar number.
# Govt proposes immunity from penalty, prosecution to benamidar on full disclosure under Prohibition of Benami Property Transactions Act.
# Govt encourages states with high stamp duty to moderate rates for all, lower duties further for properties purchased by women: FM.
# FM proposes new income tax slabs -- up to Rs 3 lakh nil, Rs 3-7L 5%, Rs 7-10L 10%, Rs 10-12L 15%, Rs 12-15L 20%, above Rs 15L 30%.
# List of exempted capital goods for use in the manufacturing of solar cells and panels in the country to be expanded.
# Salaried employees under new tax regime to save up Rs 17,500 annually in taxes due to changes proposed in FY25 Budget, says FM.
# Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.
# Govt raises deduction limit to 14 per cent from 10 per cent for employers contribution for NPS: FM
# Standard Deduction for salaried employees hiked to Rs 75,000, from Rs 50,000 under new income tax regime in FY25: FM.
# Govt withdraws equalisation levy of 2 pc: FM in Budget.
# Rs 10 lakh crore proposed for PM Awas Yojana - Urban 2.0 to address housing needs of 1 crore urban poor, middle class: FM.
# STT on F&O of securities hiked 0.02 pc and 0.1 pc, income receipt on share buy back to be taxed in the hands of recipients, says FM.
# Govt proposes raising capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class: FM.
# 12 new industrial parks to be developed under National Industrial Corridor Development programme: FM.
# Govt proposes Vivad Se Vishwas Scheme 2024 to reduce tax litigation: FM Sitharaman.
# Govt abolishes Angel tax for all classes of investors in startups: FM.
# Long term gains on financial and non-financial assets will attract tax rate of 12.5 pc: FM.
# Listed financial instruments held beyond 1 year to be considered long term as part of simplification of capital gain, says FM.
# Reopening of I-T assessment after 3 years only in cases where escaped income is Rs 50 lakh and above: FM.
# Govt proposes reduction in TDS rate on e-commerce from 1 pc to 0.1 pc: FM.
# Govt to come out with SoP for TDS default and simplify and rationalise compounding of such offences, says FM.
# DPI apps to be developed for credit, e-commerce, education, health, law, MSME service delivery, urban governance: FM.
# Two tax exemption regimes for charitable trusts to be merged into one, says finance minister.
# Govt to undertake comprehensive review of Income Tax Act to make it easy to read, says FM.
# Govt to raise customs duty on ammonium nitrate to 10 pc; 25 pc on non-biodegradable plastics, says finance minister.
# 58 pc of corporate tax came from simplified tax regime in FY23. More than two-thirds of individuals availed new tax regime: FM.
# Govt increases basic customs duty to 15 pc from 10 pc on specified telecom equipments, says FM.
# Govt proposes basic custom duty reduction on gold and silver to 6pc; platinum to 6.4pc: FM
# Govt removes Basic Customs Duty on ferro nickle, blister copper: FM.
# Govt proposes reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5pc: FM.
# Govt exempts customs duty on 25 critical minerals, says FM.
# Govt reduces basic customs duty on shrimp to 5 per cent: FM in Lok Sabha.
# Govt proposes to expand list of exempted capital goods used in manufacturing of solar cells and panels: FM in LS.
# E-commerce export hubs will be set up in PPP mode to enable MSMEs, traditional artisans to sell products in international markets: FM.
# Govt reduces basic customs duty on mobile phones, mobile charger to 15 per cent: FM
# Govt exempts 3 more cancer treatment drugs from Customs duty: FM in LS.
# Govt proposes to rationalise customs duty rates, says FM.
# Government will strive to further simplify, rationalise GST tax structure: FM
# GST has decreased tax incidence on common man, reduced logistic cost for industry, it is a success of vast proportion: FM in Lok Sabha.
# Total receipts estimated at Rs 32.07 lakh crore, expenditure at Rs 48. 21 lakh crore in FY25, says finance minister in Budget.
# Government aims to reach 4.5 per cent fiscal deficit in 2025-26: FM.
# Net tax receipts estimated at Rs 25.83 lakh crore in FY25: FM Sitharaman.
# Fiscal deficit is estimated at 4.9 per cent of GDP: FM announces in Budget for 2024-25.
# Gross and net market borrowing pegged at Rs 14.01 lakh crore and Rs 11.63 lakh crore in FY25: FM.
# Govt to launch 'NPS Vatshalya' for providing pension contribution by parents and guardians: FM.
# Government will step up adoption of technology on digitisation of economy: FM.
# Govt will bring out 5-year vision document for meeting financial needs of economy: FM.
# Rules for FDI and overseas investment will be simplified, including nudging privatisation, using Indian rupee for overseas investment: FM.
# Government will develop taxonomy for climate finance: FM Sitharaman in Lok Sabha.
# Govt will revamp Shram Suvidha Portal to enhance compliance for industry and trade: FM.
# Andhra Pradesh to get funds to promote industrial development for essential infra like water, power, railways, roads: FM.
# Land record in urban areas to be digitised, help improve finances of urban bodies, says FM.
# Govt to hold consultation with states on land reforms; to cover land administration & planning and building bylaws: FM.
# Govt will provide assistance to HP, Uttarakhand, Sikkim suffered due to natural disaster: FM in Lok Sabha.
# Govt will provide support under Accelerated Irrigation Programme and other sources for projects with an estimated cost of Rs 11,500 crore: FM.
# FM proposes to support development of corridors at Vishnupad Temple and Mahabodhi Temple in line with Kashi Vishwanath Temple.
# Govt to come out with economic policy framework to usher in next generation reforms to boost economic growth, says FM.
# Govt to support development of Nalanda in Bihar as tourist centre: Finance Minister Sitharaman announces in Budget.
# Govt to operationalise Anusandhan National research fund: FM.
# Govt to provide assistance to Odisha for development of tourism: FM in Lok Sabha.
# Govt to provide Rs 11,500 crore to Bihar for flood mitigation, says FM.
# Street food hub to be set up in select cities: FM Sitharaman.
# Govt to provide assistance to Assam for flood management and related projects, says FM.
# Finance Minister proposes Rs 1.5 lakh cr long-term interest-free loans to support states towards infra development.
# Govt will launch Phase IV of PM Gram Sadak Yojana in 25 rural habitations, which have become eligible due to population increase: FM.
# Power projects, including setting up a new 2400 MW power plant at Pirpainti in Bihar, will be taken up at a cost of Rs 21,400 crore: FM.
# Private sector investment in infrastructure to be facilitated via Viability Gap Funding: FM.
# Govt to maintain strong fiscal support for infra projects for next 5 year, says finance minister.
# Government provides Rs 11.11 lakh crore towards capex for FY25: FM in Lok Sabha.
# Govt to facilitate investment grade energy audit of micro and small industries in 60 clusters: FM.
# NTPC and BHEL in JV to set up 800 MW super critical thermal power with higher efficiency, says FM.
# PM Surya Ghar Muft Bijli Yojana generated remarkable response with 1.8 crore people registering under it: FM.
# Policy to support pump storage projects will be brought to provide round the clock energy, says finance minister.
# FM proposes central assistance of Rs 2.2 lakh crore for urban housing over next five years.
# Govt to come out with a document on energy transition pathway: FM Sitharaman.
# Govt to launch scheme to support development of 100 weekly haats in 5 years: FM.
# Govt to come out with interest subsidy scheme to facilitate loans at affordable rates for urban housing: FM.
# Govt will put in place efficient and transparent rental housing market with enhanced availability: FM.
# FM proposes transit-oriented development plans for large cities having population of over 30 lakh.
# Govt will develop digital public infra application in 7 areas, including credit, MSME service delivery: FM in Lok Sabha.
# Appropriate changes will be made to IBC and steps will be taken to strengthen tribunals: FM in LS.
# Additional debt recovery tribunals to be set up: FM in Lok Sabha.
# IBC has resolved more than 1,000 cases resulting in realisation of Rs 3.3 lakh cr to creditors, says FM.
# Govt proposes development of digital public infra application for productivity gains, biz opportunities and innovation by private sector: FM.
# FM proposes integrated technology platform for improving outcomes under Insolvency and Bankruptcy Code.
# Govt to set up Critical Mineral Mission to acquire asset overseas, says FM.
# Govt to launch auction of first offshore mining blocks: FM announces in Budget.
# Govt will facilitate dormitory type rental housing for industrial workers in PPP mode: FM.
# Govt to promote investment-ready industrial parks in 100 cities: FM in Budget.
# Rs 20,000 crore to be allocated for highways in Bihar: FM Sitharaman.
# Govt to launch scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years: FM.
# Govt will reduce turnover threshold of MSME buyers for mandatory onboarding on TReds platform from Rs 500 cr to Rs 250 cr: FM.
# SIDBI to open 24 new branches to serve MSMEs clusters, FM in Lok Sabha.
# Loan limit under MUDRA loan scheme to be doubled to Rs 20 lakh: FM Sitharaman.
# Public sector banks to build in-house capability for credit assessment of MSMEs, says FM.
# Govt to set up airports, medical colleges and sports infra in Bihar: FM.
# Govt to arrange Rs 15,000 cr this fiscal and in future years for development of capital city of Andhra Pradesh: FM.
# FM announces credit guarantee scheme for MSMEs to facilitate term loans without collateral or third party guarantee: FM in LS.
# Govt to launch saturation drive under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN): FM in Budget.
# Budget provides Rs 2.66 lakh crore for rural development: FM in Lok Sabha.
# 100 branches of India Post Payments Bank to be set up in North East: FM.
# Govt to facilitate special financial support for development of capital city in Andhra Pradesh: FM.
# Govt allocates over Rs 3 lakh crore for schemes benefiting women, girls: FM in LS.
# Backward region grant will be provided to 3 districts of Andhra Pradesh: FM in Budget.
# Our govt is fully committed for completion and financing of Polavaram irrigation project: FM in LS.
# Union government to arrange financial assistance to Bihar through aid from multilateral development agencies: FM.
# Govt proposes Rs 26,000 crore for various road projects in Bihar, says FM in Lok Sabha.
# We will support industrial corridor for development in eastern region, says FM.
# We will formulate plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh: FM.
# Govt to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount: FM.
# Govt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions: FM.
# 1,000 ITIs to be upgraded in hub and spoke model, says FM in Lok Sabha.
# Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh: Sitharaman.
# New centrally-sponsored scheme for skilling in collaboration with states, industry; 20 lakh youth to be skilled over 5 years: FM.
# Govt will release new 109 high yielding, climate resilient seeds for 32 field and horticulture crops: FM.
# Govt to set up working women hostels to promote women participation in workforce: FM in Budget.
# Govt to provide funds to private sector, domain experts & others for developing climate-resilient seeds: FM Sitharaman.
# Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution: FM.
# Govt to launch three employment-linked schemes: FM Sitharaman.
# Jan Samarth-based Kisan Credit Card to be introduced in five states, says FM in Lok Sabha.
# Govt will provide finance for shrimp farming and marketing: FM Sitharaman.
# Fast-tracking growth of rural economy and employment opportunity will be policy goal: FM in Budget.
# Government to strengthen production, storage and marketing of pulses: FM in Lok Sabha.
# Govt will bring National Cooperation Policy for overall development: FM in LS.
# Govt in partnership with states will promote digital public infra for agriculture: FM in Lok Sabha.
# Large scale vegetable production clusters would be promoted to increase production: FM in Lok Sabha.
# In next 2 years one crore farmers will be initiated in natural farming: FM Sitharaman in LS.
# Govt will undertake comprehensive review of research to develop climate resilient seeds.
# Budget's 9 priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms: FM.
# Implementation of various schemes announced in Interim Budget in February are still underway, says finance minister.
# People have given unique opportunity to our govt to take India on path of strong development, all round prosperity: FM in LS.
# Budget for FY25 to provide Rs 1.48 lakh crore for education and employment and skill: FM Sitharaman.
# Budget to focus on employment, skilling, MSME and middle class: Sitharaman.
# As mentioned in interim-budget, we need to focus on poor, women, youth and farmers: FM.
# PM Garib Kalyan Ann Yojna was extended for 5 years benefiting 80 crore people: FM Sitharaman in LS.
# India's inflation continues to be stable and moving towards 4 pc target; core inflation stands at 3.1 pc, says finance minister.
# India's economic growth continues to shine: FM Sitharaman in LS.
# Global economy is still in the grip of policy uncertainty, says Finance Minister.
# People of India have reinforced their faith in govt led by Modi and re-elected it for third term: FM Sitharaman in LS.
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.