UNION BUDGET

15 CRUCIAL TAKEAWAYS FROM BUDGET 2024-25

Published By Moushumi Mahanta | 23 Jul, 2024

Capital Expenditure

11.11 lakh crore allocated, 3.4% of GDP, higher than last year’s 9.5 lakh crore.
Credit : PIXABAY

Income Tax Changes

Standard deduction in the new regime increased to 75,000 from 50,000; revised tax rate structure introduced.
Credit : PEXELS

Capital Gains Tax

Long-term capital gains tax increased to 12.5%, short-term to 20%, with a 1.25 lakh exemption limit.
Credit : UNSPLASH

STT on F&O

Securities Transaction Tax on Futures and Options raised to 0.02%.
Credit : UNSPLASH

Angel Tax Abolished

Government announces the abolition of Angel Tax.
Credit : PEXELS

Customs Duty Adjustments

Reduction on mobile phones and accessories to 15%; on gold and silver to 6%, platinum to 6.4%.
Credit : PEXELS

Employment and Skilling

2 lakh crore for PM Package of five schemes; 1.48 lakh crore for education, employment, and skilling.
Credit : PEXELS

Women Empowerment

3 lakh crore allocated for women and girls; hostels and women-specific skilling programs to be set up.
Credit : PEXELS

Agriculture and Rural Development

1.52 lakh crore for agriculture; 2.66 lakh crore for rural development; natural farming initiative for 1 crore farmers.
Credit : PEXELS

Regional Assistance

Funding for Bihar and Andhra Pradesh, including 26,000 crore for highways in Bihar and 15,000 crore for Andhra Pradesh.
Credit : PEXELS

MSME Support

New term loan scheme, 100 crore guarantee fund, technology support package, and 24 new SIDBI branches.
Credit : PEXELS

Financial Initiatives

Increased Mudra loan limit to 20 lakh; higher education loans with e-vouchers and interest subvention.
Credit : PEXELS

Insolvency and Bankruptcy Code

New tech platform for IBC; recovered 3.3 lakh crore for creditors.
Credit : PIXABAY

FDI Simplification

Rules for Foreign Direct Investments to be further simplified.
Credit : PIXABAY

Infrastructure and Development

Additional 26,000 crore for road projects; 10 lakh crore for affordable housing; focus on critical minerals and space economy expansion.
Credit : PEXELS