Nagpur: The 2024-25 budget introduces significant changes, including increased standard deductions, new tax slabs, reduced corporate tax for foreign companies, and relief for start-ups. Major allocations for housing, agriculture, and infrastructure aim to boost job creation and economic growth.
Big Push for Jobs, Rewards for New Taxpayers: Key Announcements in Budget 2024-25 – See List Here
Income Tax
– Standard Deduction: Increased from ₹50,000 to ₹75,000 under the new regime.
– New Tax Slabs:
– Up to ₹3 lakh: No tax
– ₹3-7 lakh: 5%
– ₹7-10 lakh: 10%
– ₹10-12 lakh: 15%
– ₹12-15 lakh: 20%
– Above ₹15 lakh: 30%
– Salaried Employee Savings: Up to ₹17,500 in income tax based on changes.
Tax
– Short-term Gains: 20% tax on some financial assets.
– Long-term Capital Gain: 12.5% tax on financial and non-financial assets.
– Unlisted Bonds, Debentures, Debt Mutual Funds, Market-linked Debentures: Taxed at slab rate.
Companies
– Corporate Tax: Reduced to 35% from 40% for foreign companies.
Start-ups
– Angel Tax: Removed for all classes of investors.
Banking/Insurance
– Mudra Loan Limit: Enhanced to ₹20 lakh.
– SIDBI: To open new branches to serve more MSMEs over 3 years.
Housing
– Rural and Urban Houses: 3 crore additional houses.
– Rental Housing: Dormitory-type accommodation for industrial workers.
– Urban Poor Housing: ₹10 lakh crore for development.
Agriculture/Farmers
– Natural Farming: 1 crore farmers to shift.
– Kisan Credit Cards: In 5 states.
– Agriculture Funding: ₹1.5 lakh crore for agriculture and allied sectors.
Education
– Youth Skill Development: 20 lakh youth to be skilled over 5 years.
– Higher Education Loan: Up to ₹10 lakh for colleges in India.
Healthcare
– Cancer Medicines: 3 more exempt from customs duty.
Infrastructure
– Capital Expenditure: ₹11.11 lakh crore for fiscal 2025.
– Expressways in Eastern India: ₹26,000 crore.
– New Airports and Medical Colleges: To be built in Bihar.
Excise/Customs Duty
– Gold and Silver: Reduced to 6%, Platinum to 6.4%.
– Critical Minerals: Customs duty exempt on 25, reduced on 2.
– Mobile Phones and Parts: Duty cut to 15%.
Economy
– Total Receipts: ₹32.07 lakh crore (excluding borrowings) for fiscal 2025.
– Fiscal Deficit: 4.9% of GDP in fiscal 2025.
– Net Tax Receipts: ₹25.83 lakh crore.
– Total Expenditure: ₹48.21 lakh crore.
Land Reforms
– Rural Land: Unique land parcel identification number assignment.
– Urban Land Records: Digitisation with GIS mapping.
Labour
– Wages: 1-month wage for new staff in the formal sector.
– Internship Allowance: ₹5,000, one-time aid of ₹6,000.
– Top Company Internships: Encouraged under a new scheme.
Women’s Development
– Funding: ₹3 lakh crore for schemes for women and girls.
Water Management
– Treated Water: Facilities in 100 large cities.
Prepaid Power
– PM Surya Ghar Muft Bijli Scheme: Rooftop solar panels in 1 crore houses.
– Small Nuclear Reactors: Partnership with the private sector to set up.
Tourism
– Nalanda Development: Government support for tourism.
– Vishnupad and Mahabodhi Temple Corridors: Comprehensive development.
– Odisha Tourism: Government support for development.
