budget-2024

Everything about Union Budget 2024 and Income Tax relief

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The President and the cabinet have approved the #Budget2024, the speech starts at 11 AM. So it begins … Hope for some #IncomeTax relief.

Employment Linked Incentive, 3 schemes via EPFO

– One month’s wage for first-time employees, up to ₹15,000 in 3 installments
– Manufacturing employment benefit to employees and employers in EPFO contribution for 4 years
– Employers will be paid ₹3000 for additional employment.

Financial support to students ! Loan upto 10 lakh rupees for higher education in Indian institutes, E-vouchers will be given against 3% interest subsidy 

Many Schemes, roads, bridges, and institutions for NE, Bihar and Andhra. It was expected. 

The Mudra Loan limit for MSMEs in the Tarun category will be increased from the current ₹10 lakhs to ₹20 lakhs.

T&C: Eligibility MSME should have fully repaid their existing Mudra loans. 

Internship scheme in top 500 comoanies, for 1 crore youth in next 5 years. Internship allowance of 5000 per month and one time benefit of 6000 will be provided by govt.

PM Awas Yojana 2.0: Central subsidy for 1 crore houses in the next 5 years; interest subsidy will be given. 

Stamp Duty: The Center will request states to reduce stamp duty, especially for women owners. 

PM Suryaghar Muft Bijli Yojna; 14 Lakh application already received.

(We will be making a new video on solar subsidy soon) 

₹11 lakh, 11 thousand, 11 hundred, 11 crore for capex infra expenditure 😅

3.4% of GDP 

This Union budget seems like a budget for Bihar. Every other scheme mentions the state.

In contrast, UP, Maharashtra, etc., have not been mentioned at all. 

Bhoo-Aadhar for rural lands. Digitization of urban land records.

This could be a game changer. 

NPS Vatsalya: Parents contributing for minors. By age 18, the plan will convert to a regular NPS account.

Fiscal Deficit target for FY25, 4.9% 

Direct Taxes Updates 👇

66% individual tax payers filed Income Tax under the new tax regime last year.

Comprehensive review of the Income Tax Act to simplify it. 

Simplification of Capital Gain: Short-term gains at 20% or slab rate,

Long-term capital gain exemption limit will be increased to Rs. 1.25 lakh from existing 1 lakh.

Startup Benefits, Angel Tax will be removed 

STT on Future & Option, to be increased 

Income Tax Slab BiG UPDATE

New Tax Regime: Standard Deduction to be increased to 75k from existing 50k 

Tax Slab Revision in the New Tax Regime for FY24-25:

– 0-3 Lakh: Nil
– 3-7 Lakh: 5%
– 7-10 Lakh: 10%
– 10-12 Lakh: 15%
– 12-15 Lakh: 20%
– 15 Lakh+: 30%

Additional Tax Saving in the New Tax Regime Compared to Last Year: ₹17,500

**Note:** The tax rates for FY 23-24 were as follows:

People Reactions on Union Budget 2024

गरीबों को मिली सबसिडी,अमीरों को मिला रिबेट, मिड्ल क्लास तुम टीवी देखो, तुमको मिला डिबेट।।

“I am watching the full #UnionBudget24 speech so you don’t have to.” – Maharashtra got nothing – Middle class got nothing So we stopped watching anyway. Good luck to you for watching the remaining part of horror show.

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