New Delhi4 minutes ago
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Budget 2024 in 24 points
1. Changes in the new tax regime, income up to Rs 7.75 lakh is tax free
- For those who choose the new tax regime, income up to Rs 7.75 lakh is now tax free. In the new tax regime, a standard deduction of Rs 75,000 will be available instead of Rs 50,000.
- If you choose the old tax regime, only income up to Rs 2.5 lakh will be tax free, but under section 87A of the Income Tax Act, you can save tax on income up to Rs 5 lakh.
2. Mobile phones and gold-silver will become cheaper, government reduced custom duty
- Now only a few things get cheaper or costlier in the budget. The government implemented GST across the country on 1 July 2017, after which only custom and excise duty is increased or decreased in the budget.
- This time the government has broadly reduced the duty on 7 items and increased it on 2. Due to this, 7 products may become cheaper and 2 products may become expensive. Mobile phones and gold-silver may become cheaper due to the reduction in duty.
3. Three employment related schemes for employees and employers
- Scheme A for first-time job seekers: All employees entering the workforce for the first time in the formal sector will receive one month’s salary. Employees registering for the first time with EPFO will receive an amount equal to one month’s salary (not exceeding Rs 15,000) in three installments. The eligibility limit will be Rs 1 lakh per month. 210 lakh youth are expected to benefit from this scheme.
- Scheme B for Job Creation in Manufacturing: Scheme for additional employment in the manufacturing sector for first-time employees. In the first 4 years of employment, both the employee and the employer will get incentives according to their EPFO contribution. 30 lakh youth are expected to benefit from this scheme.
- Scheme C for Employers: This employer focused scheme will cover additional employment across all sectors. All additional employment will be counted within the salary of Rs 1 lakh per month. The government will reimburse employers for EPFO contribution up to Rs 3,000 per month for two years for each additional employee. This scheme is expected to provide additional employment to 50 lakh people.
4. 1.52 lakh crore for agriculture, no change in Kisan Samman Nidhi
- The government gave Rs 1.52 lakh crore for agriculture and related sectors. Last year, Rs 1.25 lakh crore was given. That means this time the budget for farmers was increased by 21.6% i.e. Rs 25 thousand crore.
- Despite the continuous demand of the farmers, no announcement was made in the budget regarding the Minimum Support Price (MSP). The amount of Kisan Samman Nidhi has also not been increased, it will remain at Rs 6,000 only. It was expected to be Rs 8000.
5. Announcement of internship program for one crore youth, internship in top 500 companies
- The government will launch a scheme to provide internship opportunities to 1 crore youth in top 500 companies.
- In this, internship allowance of Rs 5000 every month and one-time assistance of Rs 6000 will be given.
6. Mudra loan limit doubled, MSME can now get loan up to 20 lakhs instead of 10 lakhs
- The limit of Mudra loan has been doubled. Earlier, under this scheme, a loan of up to Rs 10 lakh was being provided for MSME, which has now been increased to Rs 20 lakh.
- There are three categories in PM Mudra Yojana. Shishu loan, Kishor loan and Tarun loan. A loan of up to 50 thousand rupees was given under Shishu loan, up to 5 lakh under Kishor and up to 10 lakh rupees under Tarun.
7. Allocation of ₹3 lakh crore for women, hostels will also be built
- More than ₹3 lakh crore has been allocated for schemes benefiting women and girls.
- The government will build hostels for working women to promote women’s participation in the workforce.
8. Government will promote Nalanda as a tourist destination
- The central government will promote Nalanda as a tourist destination, including the Nalanda-Rajgir corridor in Bihar.
- Like Kashi Vishwanath temple, corridor will be developed in Vishnupad temple and Mahabodhi temple.
9. Government abolished angel tax, startups will get relief
- If a private company sells its shares at a price higher than its fair value, then that company has to pay angel tax.
- Usually, angel tax is levied on startup companies when someone invests in them. This will provide tax relief to startups.
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