Union Budget 2024: Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the Lok Sabha on Tuesday. Here are the highlights of the Budget 2024.

  • Standard deduction in new tax regime hiked to Rs 75,000 from Rs 50,000
  • Deduction on family pension for pensioners raised from Rs 15,000 to Rs 25,000
  • Tax slabs under new tax regime tweaked:
    • Rs 0-3 Lakh — 0%
    • Rs 3-7 Lakh — 5%
    • Rs 7-10 Lakh — 10%
    • Rs 10-12 Lakh — 15%
    • Rs 12-15 Lakh — 20%
    • Over Rs 15 Lakh — 30%
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  • Salaried employee in the new tax regime stands to save up to Rs 17,500 in income tax
  • Angel tax abolished for all classes of investors abolished to boost startups
  • Three cancer drugs –TrastuzumabDeruxtecan, Osimertinib and Durvalumab — fully exempted from custom duty
  • Customs duty on mobile phone, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15%
  • Customs duties on gold and silver reduced to 6 per cent and that on platinum to 6.4%
  • Corporate tax rate on foreign companies reduced from 40 to 35 per cent.
  • Monetary limits for filing direct taxes, excise and service tax related appeals in tax tribunals, high courts and Supreme Court increased to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively
  • 20 pc tax on short-term gains on certain financial assets
  • 12.5 pc tax on long-term gains on all financial and non-financial assets
  • Long-term capital gains up to Rs 1.25 lakh from listed equities exempted
  • TDS rate on e-commerce operators reduced from one to 0.1 per cent
  • Delay for payment of TDS up to due date of filing statement decriminalized
  • I-T assessment can be reopened beyond 3 years up to five years only if the escaped income is Rs 50 lakh or more.
  • GST to be simplified and rationalised to expand to remaining sectors
  • Fiscal deficit pegged at 4.9 per cent of GDP in FY25, to be cut further below 4.5 pc next year
  • Budget outlines 9 priority areas, including manufacturing and services, and next generation reforms, in pursuit of Viksit Bharat
  • Budget focuses on employment, skilling, MSME, middle class
  • Allocation of Rs 1.52 lakh crore for agriculture and allied sectors
  • FY25 capex pegged at Rs 11.11 lakh crore
  • Rs 11,500 crore financial support to certain irrigation and flood mitigation projects in Bihar Rs 15,000 crore special financial support to Andhra Pradesh through multilateral development agencies.
  • Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor