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Budget 2024 Live Updates: Finance Minister Announced Revisions In New Tax Regime

This will be Sitharaman's seventh straight budget and she is expected to start the Budget Speech at 11 a.m. 

Budget 2024 Edited by
Budget 2024 Live Updates: Finance Minister Announced Revisions In New Tax Regime

Budget 2024 Live Updates: Nirmala Sitharaman To Present Union Budget Shortly (image: x.com/rahulmahala77)

Finance Minister Nirmala Sitharaman will present the first Budget of the Modi 3.0 government today. Since this is the first full Budget after Prime Minister Narendra Modi – led NDA returned to power for the third time, it is hoping to balance taxpayer relief with measures to ensure fiscal prudence. The budget is likely to set direction for the ‘Viksit Bharat’ or developed India by 2047.

This will be Sitharaman’s seventh straight budget and she is expected to start the Budget Speech at 11 a.m.

Ahead of the Budget 2024, Sitharaman tabled the Economic Survey 2023–24 on Monday. The survey projected India’s Gross Domestic Product (GDP) growth for the current financial year (FY 2024–25) in the range of 6.5–7%.

Also Read | Nirmala Sitharaman To Table NDA 3.0’s First Union Budget Today

July 23, 2024 12: 34  PM: Finance Minister Concludes Budget Speech

Nirmala Sitharaman  introduced the Finance Bill in the Lok Sabha. The Budget Session has been adjourned till July 24, 11 AM, the Lok Sabha Speaker said.

July 23, 2024 12: 32 PM: Revisions In New Tax Regime

“Under new tax regime, tax rate structure to be revised as follows – Rs 0-Rs 3 lakh -Nil; Rs 3-7 lakh -5% ; Rs 7-10 lakh-10% ; Rs 10-12 lakh-15%; 12-15 lakh- 20% and above Rs 15 lakh-30%,” the Finance Minister said on On personal income tax rates in new tax regime.

Also Read | Budget 2024: New Tax Regime Vs Old Tax Regime

July 23, 2024 12: 30 PM: On Personal Income Tax

For those choosing for the new tax regime, the standard deduction for salaried employees to be increased from ₹50,000 to ₹75,000. Similarly, deduction for family pension for pensioners to be enhanced from ₹15,000 to ₹25,000. This will provide relief to about 4 crore salaried and pensioner individuals, the Finance Minister said.

Also Read | Budget 2024: Centre Revises Income Tax Slabs, Standard Tax Deduction Raised To Rs 75,000

July 23, 2024 12: 27 PM:  On Securities Transaction Tax on Futures and Options 

Securities Transaction Tax on Futures and Options contracts is to be increased to 0.2% and 0.1%, respectively, Nirmala Sitharaman said.

July 23, 2024 12: 27 PM: Captain Gains Taxation To Be Simplified 

“For benefiting lower and middle income classes, I propose to increase the limit of exemption on some financial instruments for capital gains to ₹1.25 lakh a year. Unlisted bonds and debentures, debt mutual funds and market-linked debentures, will attract tax on capital gains irrespective of holding period,” Finance Minister said.

Also Read | Budget 2024: Key Announcements for Automotive sector

JULY 23, 2024 12:25 PM: The TDS rate on e-commerce operators is to be reduced from 1% to 0.1%: FM

While presenting the Budget, Sitharaman said: The TDS rate on e-commerce operators is to be reduced from 1% to 0.1%. I propose to decriminalise delays in payments of TDS upto their filing due date. Simplification of reassessment and reopening of returns. From now, this can be done after three years only if the income involved is ₹50 lakh or more, with a time limit of six years.

JULY 23, 2024 12:23 PM:  Customs Duty On Silver And Gold To Be Reduced To 6%, And To 6.4% On Platinum

“I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum,” Finance Minister said. The cut on Gold and Silver are from 10% to 6%.

Also Read | Budget 2024: Custom Duties On Gold And Silver Cut To 6%

JULY 23, 2024 12:24PM: Review On Income Tax Act of 1961 

Sitharaman announces comprehensive review of Income Tax Act, 1961 to minimise litigations  in six months.

“I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months”: Nirmala Sitharaman

Also Read | Budget 2024: Basic Customs Duty On Mobile Phones, Mobile Chargers Reduced

July 23, 2024 12:22 PM: On Angel Tax

Finance Minister said: In order to bolster the Indian startup ecosystem, I propose to abolish the so-called Angel Tax for all classes of investors.

Also Read | Budget 2024: Nirmala Sitharaman Abolishes Angel Tax Aiming To Bolster Start-UpsJULY 23, 2024 12:15 PM

July 23, 2024 12:15 PM:  Three Cancer Medicines Exempted From Custom Duty

#Budget2024 | Union Finance Minister Nirmala Sitharaman says “Three cancer treatment medicines to be exempt from basic customs duty…” pic.twitter.com/cqCkWqLWQi— ANI (@ANI) July 23, 2024

Also Read | Budget 2024: Three Cancer Treatment Medicines To Be Exempted From Basic Custom Duty

July 23, 2024 12:13 PM :  Fiscal deficit is estimated at 4.9% of GDP, says FM

“Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%”: Finance Minister

July 23, 2024 12:10PM: Internship with Rs 5000 monthly allowance announced for 1 crore youth

Also Read | Nirmala Sitharaman Announces Scheme For 1 Crore Internship Opportunities For Youth

July 23, 2024 12:04 PM: Land Related Reforms – Rural And Urban

The Budget proposes for reforms on rural and urban areas and it plans to dover land administration, planning and urban planning and building bye-laws.

July 23, 2024 12:02 PM : On Space Economy 

The Finance Minister said that there will be continued focus on the expansion of space economy by five times in the next 10 years. A venture capital fund of ₹1,000 crore will be set up to advance the goal, Sitharaman added.

July 23, 2024 11:55 AM :  On Tourism; Stresses Spiritual Tourism

#Budget2024 | Union Finance Minister Nirmala Sitharaman says “Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and… pic.twitter.com/OlZ76WqGgZ— ANI (@ANI) July 23, 2024

Also Read | Union Budget 2024: Allocations To Railway

July 23, 2024 11:55 AM :  On Flood Mitigation Scheme

“Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of Rs 11,500 crore…Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance…” : Finance Minister

July 23, 2024 11:53 AM : PM Gram Sadak Yojana phase 4

Under Phase 4 of the PM Gram Sadak Yojana will be launched to give all-weather roads to 25,000 rural habitats.

July 23, 2024 11:52 AM : Promotion Of  Private Investment In Infrastructure

Also Read | Union Budget 2024: No Big Difference For Defence Sector Despite Increasing Threats

July 23, 2024 11: 48 AM:  Free Solar Electricity Scheme  under PM Suryaghar Muft Bijli Yojana

July 23, 2024 11: 42 AM: PM Awas Yojana-Urban

Under the PM Awas Yojana-Urban, the housing needs of one crore poor and middle class families will be addressed with an investment of ₹10 lakh crore. It will include the central assistance of ₹2.2 lakh crore in the next five years.

July 23, 2024 11: 38 AM: Mudra  Loans Limit will be increased to Rs 20 Lakh: Finance Minister 

Sitharaman announced credit support for MSMEs; Mudra loans limit will be increased from ₹10 lakh to ₹20 lakh for those who have benefitted and successfully repaid loans earlier taken under the Tarun category.

Also Read | Budget 2024: Credit Support For MSMEs, Increased Mudra Loan Limit And More

July 23, 2024 11: 30 AM:  “On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the easter region. We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores,” Finance Minister

July 23, 2024 11: 29 AM: Financial Assistance For Bihar, Andhra Pradesh 

During the Budget presentation, the Finance Minister announced that Backward region grant will be given to 3 districts of Andhra Pradesh. The Union Government will arrange financial assistance to Bihar through aid from multilateral development agencies. The government will also set up airports, medical colleges and sports infrastructure in Bihar, she added.

Also Read | Nirmala Sitharaman Announces Rs 15,000 Crore For Andhra Pradesh’s New Capital

The Centre will also develop plan ‘Purvodaya’, and all-round development of the Eastern region of the country comprising Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, the Finance Minister said.

July 23, 2024 11: 28 AM: Government to launch three employment-linked schemes: Nirmala Sitharaman

Also Read | “1-Month Salary For All New Employees From Govt”: Nirmala Sitharaman’s Big Job Push

July 23, 2024: 11: 26 AM:  On National Cooperation Policy

Presenting the Budget for 2024-25, Finance Minister said the Central government will bring a National Cooperation Policy for the overall development of the country.

July 23, 2024 11: 24 AM:  On Natural Farming 

While presenting the Budget, FM points that 1 crore farmers will be entered into natural farming over the next few years. The government will strengthen their production, storage, and marketing for self-reliance in pulses and oilseeds.

July 23, 2024 11: 23 AM: On Agriculture

“Large scale clusters for vegetable production will be developed closer to major consumption centers. We will promote farmer produce organisations, cooperatives, and start-ups for vegetable supply chains, including for collection, storage and marketing”: Nirmala Sitharaman

Also Read | Budget 2024: Government Allots Rs 1.52 Lakh Crore For Agriculture Sector

July 23, 2024 11: 21 AM: On Education Loans 

Budget 2024 | On Education loans, FM Sitharaman says,”Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions.” pic.twitter.com/nH3daipqEW

— ANI (@ANI) July 23, 2024

Also Read | Budget 2024: Nirmala Sitharaman Announces Rs10 Lakh Loans With 3% Interest For Higher Education

July 23, 2024 11: 16 AM:  Rs. 1.48 Lakh Crore For Education And Employment And Skill

“Budget for FY25 to provide ₹1.48 lakh crore for education and employment and skill …”: Finance Minister

Also Read | Union Budget 2024: How It Targets The Problem Of Unemployment And Skill Gaps In India?

July 23, 2024 11: 13 AM:  About Inflation And Employment Generation 

India’s inflation continues to remain low, stable and moving towards the 4 per cent target, while core inflation is at 3.1 per cent, says Nirmala Sitharaman.

She also speaks of 5 Central government schemes to facilitate employment, including skilling for 4.1 crore youth with an allocation of 2 lakh crore.

Also Read | Budget 2024: 2 Lakh Crore Allocation To Employ 4.1 Crore Youth Over The Next 5 Years

July 23, 2024 11:04AM: Finance Minister begins Budget Speech in the Parliament.

She remarks about the Lok Sabha election results. She also stresses the global economic situation.

July 23, 2024 10:38 AM: PM Modi arrives in Parliament

July 23, 2024 10:10 AM: Nirmala Sitharaman arrives in Parliament to  present Budget 2024

Also Read | Budget 2024: Expectations For Different Sectors In The Upcoming Budget

July 23, 2024 09:52 AM: Following tradition, Finance Minister and team meets President Droupadi Murmu ahead of the Budget presentation. They briefed President about the provisions of the Budget. President Murmu then fed the Finance Minister ‘Curd and Sugar’ (a symbol good luck) and extended best wishes.

July 23, 2024 09:42 AM:  Finance Minister will present the estimated receipts and expenditure (2024-25) of the Union Territory of Jammu and Kashmir (with legislature) and the budget copies arrive in Parliament.

Also Read | All You Need To Know About The Preparation Of Union Budget

July 23, 2024 09:19 AM: Finance Minister Nirmala Sitharaman along with her team poses with tablet in red sleeve ahead of Budget 2024.

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Topics
Budget 2024 Economic Survey Finance Minister modi 3.0 nirmala sitharaman PM Modi 3.0 Government union budget

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