• Source: 2024 Union budget of India

The 2024 Union Budget of India (ISO: 2024 Ke liye Bhārat Kā Saṅghīya Bajaṭ) was presented by Finance Minister, Nirmala Sitharaman on 23 July 2024. This was the first budget of Narendra Modi led NDA government's third term.




History


The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. The first Union Budget of Independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.




Tax changes






= Revised income tax slabs

=
The income tax (IT) slabs have been revised under the new income tax regime. The updated tax rates are as follows:

Standard deduction has been increased from 50,000 to 75,000. Ernst & Young estimates that, following standard tax deduction polices, income of upto 7.75 lakh is extempted from income tax after introduction of the increase in standard deduction.




= Angel tax

=
The government has abolished the "angel tax," a levy that was introduced in the Finance Act of 2012. This tax applied to investments received by unlisted companies that exceeded the fair market value of their shares, often affecting start-ups and early-stage companies.




= Capital gains tax

=
The capital gains tax structure has also undergone changes:

Short-Term Capital Gains (STCG): The tax rate on short-term capital gains from shares, mutual funds, and real estate has been increased from 15% to 20%.
Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains has been set at 12.5%. Additionally, the exemption limit for long-term capital gains has been raised from ₹1 lakh to ₹1.25 lakh.




= Tax Deducted at Source

=
The government has proposed a reduction in the rate of Tax Deducted at Source (TDS) for various types of payments. Specifically:

The TDS rate for insurance commission, life insurance policy payments, rent payments, and commission or brokerage payments is proposed to be decreased from 5% to 2%.
The TDS rate on payments made by e-commerce operators to e-commerce participants for the sale of goods or services is set to be reduced from 1% to 0.1%.
The Secretary of Revenue, Sanjay Malhotra said that the decrease in TDS is aimed at simplifying TDS compliance.




Ministerial allocations of total expenditure


The total expenditure, encompassing both revenue and capital outlays, was distributed among various ministries. The Finance Ministry received the largest share at 38.5%, while the Defence Ministry held the second position with an allocation of 12.9%.




See also


Union budget of India
2024 Interim-Union budget of India




References






External links


"Budget 2024: Expectations, likely announcements by Sitharaman on 5 July"
"Budget 2024: Want to reduce your tax outgo?"

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