Union Budget 2024 | What the Budget has for common man

As the industry bigwigs are weighing the pros and cons of the Union Budget, here is a quick glance at how the budget will help the common man.

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Lok Sabha on Tuesday (July 23) which offered plenty of relief to the common man and salaried class.

For the records, it was Nirmala's record seventh Budget and the first under Modi 3.0 regime.

As the industry bigwigs are weighing the pros and cons of the Union Budget, let us look in detail as to how the budget will help the common man.

Changes in new tax regime slabs

In a major boost to the salaried individuals and tax payers, the Budget has come up with revised income tax slabs for the new tax regime.

Apart from revising the tax slabs, the FM also announced that the standard deduction limit for salaried individuals under the new tax regime would be increased to Rs 75,000 from the current Rs 50,000.

The new tax regime has been revised as well. The new slabs of the new tax regime are: Rs 0-3 lakh - Nil; Rs 3-7 lakh - 5%; Rs 7-10 lakh - 10%; Rs 10-12 lakh - 15%; Rs 12-15 lakh - 20%; and Rs 15 lakh and above - 30%.

EPFO Scheme

The government announced 3 schemes to boost employment through retirement fund body Employees' Provident Fund Organisation (EPFO) for new entrants in the organised sector with a total central outlay of Rs 1.07 lakh crore. These will be based on enrolment in EPFO and focus on recognition of first-time employees, and support to employees and employers. The scheme is expected to benefit 210 lakh youth.

Educational benefits

The Budget also proposes financial support for loans up to Rs 10 lakh for higher education in domestic institutions even as the govt slashed the grant for the higher education regulator UGC by over 60 per cent. The allocation for prestigious B-schools -- Indian Institutes of Management (IIMs) -- has also been reduced for the second consecutive year. Meanwhile, the budget for school education has been increased by over Rs 535 crore, in what could prove to be a further relief to the Aam Aadmi.

Other benefits

1. The Finance Minister has announced duty cut on mobiles and accessories to 15 per cent which will result in the reduction of prices.

2. Customs duties on gold and silver have been reduced by 6 per cent and three cancer treatment medicines also being exempted from customs duty.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. 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.