Key Tax and Financial Highlights from Budget FY 2024-25: A Comprehensive Overview

Tax-related Points:

1. No Changes in Income Tax Slabs.
2. No Change in Tax Rates for Companies, Limited Liability Partnership, or Individuals for both old and new scheme.
3. Extension of Tax Sops for Sovereign Wealth Funds and Startups until March 2025.
4. Withdrawal of Direct Tax Demands up to ?25,000 for the period up to 2009-10 and ?10,000 for the period up to 2014-15, benefiting 1 Crore people.
5. Introduction of a White Paper in the House on Mismanagement of the Economy Before 2014.

Financial-related Points:

1. ?1 Lakh Crore Corpus for 50-Year Interest-Free Long-Term Financing or Refinancing to Encourage Private Sector R&D.
2. Rooftop Solarisation to Enable 1 Crore Households to Obtain up to 300 Units of Free Electricity Every Month.
3. Fiscal Deficit for FY 24 Revised at 5.8%, Lower Than the Earlier Estimate of 5.9% in BE.
4. Revised Fiscal Deficit Estimated for FY 24 at 5.8% of GDP, and FY 25 at 5.1%.
5. Promotion of Private and Public Investment in Post-Harvest Activities.
6. Committee Setup for Setting Up More Medical Colleges and Providing Free Cervical Cancer Vaccines for Girls.
7. Expansion of Nano DAP Application on Various Crops in All Agro climatic Zones.
8. Introduction of a White Paper in the House on Mismanagement of the Economy Before 2014.
9. FDI Inflows at $596 Billion, Twice More Than 2014-15

These points highlight the tax and financial aspects presented in the Budget FY 2024-25.

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