Union Budget 2024 Key Highlights

Budget 2024: Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in Budget FY25, announced Finance Minister Nirmala Sitharaman on Tuesday.

Finance Minister Nirmala Sitharaman on Tuesday brought cheer for start-ups as she abolished angel tax in the Union Budget 2024-25 for all classes of investors.

Highlighting the vision for a ‘Viksit Bharat’, or developed India, in the Union Budget 2024-25, finance minister Nirmala Sitharaman on Tuesday (July 23) highlighted nine priorities for generating ample opportunities in the economy.

Gold, silver, platinum, mobile phones and cancer drugs are among the items likely to become cheaper with Finance Minister Nirmala Sitharaman announcing relaxation in duties her Union Budget 2024 speech on Tuesday.

In the Budget 2023, under new tax regime, Finance Minister Nirmala Sitharaman had increased the income tax exemption limit by Rs 50,000 to Rs 3 lakh and the rebate under Section 87A of the Income Tax Act, 1961, was also raised from Rs 5 lakh to Rs 7 lakh, meaning that those earning up to Rs 7 lakh do not have to pay any tax under the new regime.

The Economic Survey 2023-24 has cautioned against including sensitive food commodities like common rice, wheat, and most pulses in futures trading until markets are more developed, even as the government expands the list of commodities eligible for derivatives trading.

Finance Minister Nirmala Sitharaman announced an 11.1 per cent increase in Capex outlay to 11.11 Lakh Crore, putting capex outlay at 3.4 per cent of GDP.

Finance Minister Nirmala Sithraman said, "Rooftop solarisation will allow 1 crore households to get 300 units of free electricity every month." She added, "This will result in Rs 15,000 to Rs 17,000 savings per year for households."

Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in Parliament today. Beginning her speech highlighting the achievements of the Narendra Modi government, Sitharaman said, "Government is working with the approach of All Round, All Pervasive & All Inclusive Development. We will achieve the goal of Viksit Bharat by 2047."

While Indian stock markets were choppy in opening trade, they recovered and were trading in green ahead of Interim Budget 2024. At 10:30 am, Sensex was over 230 points higher while Nifty was over 60 points up.

The Indian Chamber of Commerce (ICC) has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing.

The stock market is abuzz with speculation on potential fiscal measures and their impacts ahead of the Union Budget 2024 presentation on July 23.

The initial public offering (IPO) of plant-based speciality products company Sanstar Limited, which was opened for public subscription on July 19, has received a positive response from investors.

We are in the midst of wedding season, surrounded by the crescendo of ’till death do us part’ vows. In this spirit of togetherness, there is another timeless union that deserves our attention—the union of state and taxes.