Union budget key updates : 23rd July 2024

Union budget key updates : 23^rd July 2024

1.       Income Tax Changes:

·        Revised tax slabs: 0% for income up to ₹3 lakh, 5% for ₹3-7 lakh, 10% for ₹7-10 lakh, 15% for ₹10-12 lakh, 20% for ₹12-15 lakh, and 30% for income above ₹15 lakh​​.

·        Standard deduction for salaried taxpayers increased from ₹50,000 to ₹75,000​​.

·        Deduction for family pension for pensioners enhanced from ₹15,000 to ₹25,000​​.

·        Withdrawal of the 2% equalisation levy​​.

2.      ₹2 Lakh Crore Job Scheme:

·        Introduction of a job scheme aimed at generating employment with an allocation of ₹2 lakh crore​​.

·        Launch of three employment-linked schemes to incentivize 30 lakh youth​​.

3.      Corporate Tax Adjustments:

·        Corporate tax for foreign companies reduced from 40% to 35%​​.

·        New tax structures for charities and foreign shipping companies​​.

4.      Telecom Ministry Allocation:

·        Allocation of ₹1.28 lakh crore for telecom projects, with ₹82,916 crore for BSNL for technology upgradation and restructuring​​.

5.      Defence Budget:

·        Defence budget set at ₹6.21 lakh crore with a capital outlay of ₹1,72,000 crore​​.

6.     Railways Expenditure:

·        Expenditure budget for railways at ₹2.5 lakh crore​​.

7.      Khelo India Funding:

·        Khelo India scheme allocated ₹900 crore out of ₹3,442.32 crore for sports​​.

8.     Customs Duty Adjustments:

·        Reduction in basic customs duty on gold to 6%, silver to 6.4%, and mobile phones to 15%​​.

·        Exemption of customs duties on 25 critical minerals​​.

9.     Capital Expenditure Allocation:

·        Allocation of ₹11.11 lakh crore for capital expenditure, accounting for 3.4% of GDP​​.

10.  Special Financial Support for States:

·        Special financial support and infrastructure boosts for Bihar and Andhra Pradesh​​.

·        Flood relief funds for Assam, Himachal Pradesh, Uttarakhand, and Sikkim​​.

·        Kerala's request for an AIIMS-like institution was not included​​.

11.    Focus on Education and Skill Development:

·        Emphasis on education, skill development, and women-led development with various schemes​​.

12.   Revenue and Expenditure Breakdown:

·        63 paise out of every rupee in the government coffer to come from direct and indirect taxes​​.

·        Allocation for central sector schemes set at 16 paise per rupee​​.

·        Defence expenditure allocated at 8 paise per rupee​​.

13.   Land Reforms:

·        Land reform measures to be undertaken in consultation with states​​.

14.  Census and NPR Allocation:

·        ₹1,309.46 crore allocated for the census and National Population Register (NPR)​​.

15.  Bharatiya Bhasha Anubhag:

·        ₹56 crore allocated to establish Bharatiya Bhasha Anubhag for translating various languages into Hindi and vice versa​​.

16.  Modernization of Forensic Capacity:

·        ₹700 crore allocated for the modernization of forensic capacity​​.

17.   Miscellaneous Allocations:

·        ₹1,248.91 crore for the Council of Ministers, Cabinet Secretariat, and Prime Minister’s Office​​.

o    ₹425.71 crore for the UPSC for examinations and selections​​.

18.  Other Significant Announcements:

·        Rooftop Solar scheme launched to enable 1 crore households to get up to 300 units of free electricity every month​​.

·        High stamp duty may be moderated, especially for women​​.

·        Scheme to support the development of 100 weekly haats or street food hubs for 5 years​​.

·        Enhancement of Mudra loans limit to ₹20 lakh for MSMEs