Top Stories | Sitharaman's 7th budget, capital gains tax up, angel tax abolished, relief for individuals in new tax regime, and more
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Finance Minister Nirmala Sitharaman presented her record-setting 7th budget today, where she batted for keeping things steady and pushing for growth. The FM’s tightening up the fiscal ship, aiming for a 4.9% deficit of GDP by FY25. Markets took a bit of a dip with the proposed hike in securities transaction tax on futures & options.
On the taxation front, the FM raised short-term capital gains to 20% on certain financial assets, and upped long-term gains to 12.5% across the board. There’s some good news for individual taxpayers too albeit under the new regime. Standard deduction’s set to rise to Rs 75,000, and tweaks in the tax slabs. According to Sitharaman, these changes mean a salaried person could save up to 17,500 rupees a year.
FM Nirmala Sitharaman tables 2024-25 Budget: Key numbers to watch out for
Finance Minister Nirmala Sitharaman presented the 2024-25 Budget on Tuesday, marking her seventh consecutive budget presentation, surpassing the previous record held by former Prime Minister Morarji Desai.
This is the first budget of Prime Minister Narendra Modi's third term in office. Sitharaman highlighted the continued confidence the Indian people have in Modi's government, which was re-elected for a third term.
She noted that while global economic conditions remain uncertain due to policy challenges, India’s economic growth remains strong. Inflation in the country is stable, trending towards 4%, with core inflation at 3.1%.
Budget 2024 changes new tax regime with revised slabs and increased standard deduction
FM Sitharaman announced changes to the new income tax regime on Tuesday (July 23), presenting revised tax slabs and an increased standard deduction as part of the Budget 2024 measures.
Sitharaman has increased the lowest slab in the new tax regime to ?3 lakh, up from the previous threshold of ?2.5 lakh. This change means that individuals with an annual income of up to ?3 lakh will not have to pay any income tax.
The revised tax slabs under the new regime are as follows:
?3 lakh to ?7 lakh: 5% tax
?7 lakh to ?10 lakh: 10% tax
?10 lakh to ?12 lakh: 15% tax
?12 lakh to ?15 lakh: 20% tax
In addition to these revised slabs, the standard deduction has been increased to ?75,000, up from the previous ?50,000.
Budget 2024: You can now save ? 17,500 income tax under new tax regime
Union Finance Minister Nirmala Sitharaman on Tuesday (July 23) under new tax regime, hiked the standard deduction to ? 75,000 from the current ? 50,000. Salaried employee will now stand to save ? 17,500 in income tax.
The government also announced a comprehensive review of the Income Tax Act to make it more user-friendly. FM Sitharaman also mentioned plans to introduce a standard operating procedure (SoP) for TDS defaults and to simplify the process for compounding such offences.
Budget 2024: FM Sitharaman keeps FY25 capex unchanged at ?11.11 lakh crore
FM Sitharaman has allocated ?11.11 lakh crore on capital expenditure (capex) in 2024–25 (FY25) while presenting her seventh Union Budget (and first in the third term of the Modi government) on Tuesday, July 23. The FY25 capex allocation amounts to 3.4% of India's GDP.
The allocation for capex for FY25 (which started on April 1) is unchanged from the outlay of ?11.11 lakh crore in the interim budget presented on February 1 this year.
Budget 2024 | Fiscal deficit for FY25 projected at 4.9% of GDP
The Central Government has pegged the fiscal deficit at 4.9% of the gross domestic product (GDP) for fiscal 2025.
The Finance Minister, during her Union Budget speech on Tuesday, July 23, reiterated the Centre's commitment to bring fiscal deficit down to 4.5% of GDP by FY26.
Fiscal deficit is the difference between income and expenditure. It is an indication of the total borrowings that are needed by the government.
Market disappointed by increase in capital gains tax on listed securities, say experts
Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday, July 23rd. The Budget, touted as a crucial indicator of the government’s economic policies, drew attention from experts and analysts.
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In an interview to CNBC-TV18, Sunil Singhania, Founder of Abakkus Asset Management; Madhu Kela, Founder of MK Ventures; Nilesh Shah, Managing Director of Kotak Mahindra Asset Management; Prashant Khemka, Founder of White Oak Capital Management; Dinesh Kanabar, CEO of Dhruva Advisors; Ashok Wadhwa, Group CEO of Ambit, gave their take on Nirmala Sitharaman’s seventh consecutive budget and their outlook on the road ahead.
Union Budget 2024 | Mobile phones, gold, silver: What's cheaper and what's costlier?
Union Finance Minister Nirmala Sitharaman in her Budget speech announced that the government will reduce "customs duties on gold and silver to 6% and that on platinum to 6.4%" to enhance domestic value addition for jewellery in India. Following the announcement, gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper.
Following the Budget 2024 announcement, here's a look at several items that are set to become costlier and cheaper in the ongoing fiscal.?
Here’s the list of items that got cheaper and costlier
Budget 2024: Big changes to Customs Duty announced
Sitharaman announced major changes to Basic Customs Duty (BCD) while presenting the Budget for 2024-25.
Lithium, copper, and cobalt, crucial for various high-tech industries, are proposed to no longer have customs duties. Additionally, Customs on 25 critical minerals will either be eliminated or reduced, benefiting sectors that rely heavily on these resources. Sitharaman also proposed a reduction in BCD on certain brood stocks, shrimps and fish feed to 5%.
The textile industry will benefit from a reduction in duties on real down-filling materials from ducks or geese. The duty on MDI, used for making spandex yarn, is likely to decrease from 7.5% to 5%, helping manufacturers reduce costs.
Budget 2024 income tax changes: New slabs, capital gains overhaul, TDS rate revisions, more
In the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman, several changes to income tax regulations have been announced, affecting various aspects of tax calculation and deductions. The budget introduces significant updates to income tax regulations, including an increased tax-free slab and a rise in standard deductions. These changes aim to enhance tax relief and streamline the tax process for individuals and businesses alike.
Budget 2024 | Real Estate stocks DLF, Godrej Properties fall despite cut in tax rates — Explained
The Nifty Realty Index ended as the top sectoral loser on Tuesday after the Budget speech by Finance Minister Nirmala Sitharaman. Eight out of the 10 constituents of the index from DLF to Godrej Properties and Prestige Estates ended with losses between 2% to 6%.
During her budget speech, Finance Minister Sitharaman announced a cut in Long Term Capital Gains Tax (LTCG) on sale of property to 12.5% from 20%. However, the budget fineprint indicated the removal of the indexation benefits that are associated with the sale of a property.
Budget 2024 | Bihar, Andhra get major boost in Budget 2024: Financial aid, airports, and more
Union Finance Minister Nirmala Sitharaman on Tuesday (July 23) announced several measures to boost development in Bihar and Andhra Pradesh.Presenting the Budget in the Lok Sabha for 2024-25, Finance Minister Nirmala Sitharaman proposed an outlay of ?26,000 crore for various road projects in Bihar. She said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies.
For Andhra Pradesh, the government will arrange ?15,000 crore this fiscal and in future years for development. The government will also set up airports, medical colleges and sports infrastructure in Bihar, she said. The union government will also formulate a plan 'Purvodaya' for the all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
Budget 2024: FM Sitharaman allocates ?1.52 lakh crore for agricultural and allied sector
The Union Budget for 2024, presented by Finance Minister Nirmala Sitharaman, has allocated a significant ?1.52 lakh crore for agriculture and allied sectors. This substantial funding is set to bring transformative changes to India's agricultural landscape.
?In her address on Tuesday, July 23, Finance Minister Sitharaman highlighted the government's commitment to revolutionising agricultural research. Sitharaman also announced a thorough review of the current agricultural research framework, aimed at ensuring that Indian agriculture not only adapts to but thrives in the face of evolving climatic challenges.
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