Annual Budget
Transcript: FOR JOB SEEKERS * The Union Budget for 2024 was announced on July 23, 2024, as part of the Budget Session that ran from July 22 to August 12, 2024. The budget was the first full Union Budget presentation since the government's re-election for a third term. * The budget was announced twice in 2024 due to the Lok Sabha Elections, with an interim budget presented on February 1, 2024. The budget aims to balance fiscal responsibility with bold initiatives while addressing economic challenges. 1. First-time formal sector employees registered under EPFO earning up to 1 lakh per month will receive a ₹15,000 bonus in 3 instalments. 2. Manufacturing jobs get incentives for the first 4 years to boost employment. 3. Employers can claim 3,000 per month for 2 years per new hire, benefiting 2.1 lakh youths with salaries below 1 lakh. FOR BORROWERS 1. Skill Loans: Revised to 7.5 lakh with a government guarantee, aiding 25,000 students annually. 2. Education Loans: 10 lakh support for higher education with 3% annual interest subvention for 1 lakh students. 3. MSME Credit Guarantee: New scheme for term loans up to 100 crore without collateral for MSMES. Mudra Loans: Limit increased to 20 lakh for successful 'Tarun' category borrowers. Customs Duty Adjustments: * BCD on mobile phones, PCBA, & chargers cut to 15%. * Customs duties reduced to 6% on gold and silver, and 6.4% on platinum Capital Gains Tax on Property & GOLD * LTCG Tax on sale of property is now taxed at 12.5% WITHOUT INDEXATION [vs] 20% with Indexation earlier. * Long Term definition for Gold is now reduced to 24 months from 36 months earlier * LTCG Tax on sale of Gold is now taxed at 12.5% WITHOUT INDEXATION [vs] 20% with Indexation earlier. FOR INVESTORS * Long term capital gains tax raised to 12.5% from 10% * Short term capital gains tax increasedfrom 15% to 20% for certain financial assets * The exemption limit for capital gains is 1.25 lakh per year * TDS reduced from 5% to 2% on insurance commission , life insurance paments,, rent , commissison and brokerage Annual Budget FOR F&O INVESTORS STT Rates: * In Options, increased from 0.0625% to 0.1% * In Futures, increased from 0.0125% to 0.02% 2024 - 2025 9 TOP PRIORITIES OF THIS BUDGET * Productivity and Resilience in Agriculture * Employment and Skilling * Inclusive Human Resource Development and Social Justice * Manufacturing and Services * Urban Development * Energy Security * Infrastructure * Innovation, Research and Development * Next Generation Reforms Bihar and Andhra Pradesh * Outlay of 26,000 crore for various road projects in Bihar & outlining plans of new airports and sports infrastructure. * The government will also provide 11,500 crore to Bihar for flood mitigation. • 15,000 crore in financial assistance for Andhra Pradesh for the purpose of developing Amaravati, its new capital Maria Harshitha Tina Merlyn Ritu u Shirisha S Mcom FA 1. Direct Tax Proposals * Under the new regime, the standard deduction for salaried individuals has been increased to Rs. 75,000 from Rs. 50,000 * deduction on family pension for persons having pension income has been increased to Rs. 25,000 from Rs. 15,000 if they file taxes under the new regime. * Deduction of Employer contribution to to NPD increased to 14% of the employee's salary