Budget 2024: Big Push For Jobs, New Tax Regime Benefits, Reward For Allies

1. Finance Minister Nirmala Sitharaman’s Finances 2024 speech had excellent news for taxpayers choosing the brand new regime. The usual deduction within the new tax regime has been elevated from Rs 50,000 to Rs 75,000.

2. This Finances has additionally revised tax slabs below the brand new regime. Annual revenue as much as Rs 3 lakh will now entice zero tax, revenue within the Rs 3 lakh-7 lakh bracket will likely be taxed at 5 per cent. The speed will likely be 10 per cent for revenue between Rs 7 lakh -10 lakh, 15 per cent for Rs 10 lakh – 12 lakh and 20 per cent for Rs 12 lakh – Rs 15 lakh. Annual revenue over Rs 15 lakh will entice 30 per cent tax.

3. Ms Sitharaman stated salaried workers can save as much as Rs 17,500 in revenue tax below the brand new tax slabs. The Finances has made no modifications to the previous tax regime, which a big part of pros opts for.

4. Finances 2024 had a giant announcement for professionals coming into the workforce. Ms Sitharaman introduced that the Centre will give one-month’s wage to these becoming a member of their first job. This quantity will likely be offered as a Provident Fund contribution. The transfer, she stated, will profit 210 lakh kids.

5. The Finance Minister stated this quantity can be offered by the Direct Profit Switch route. First-time workers registered with EPFO will get a month’s wage — as much as Rs 15,000 — of their PF accounts in three instalments. Ms Sitharaman additionally introduced reimbursement to employers as much as Rs 3,000 per thirty days for 2 years in the direction of their EPFO contribution for every further worker.

6. Finances 2024 additionally proposed to lift the restrict of exemption of capital positive factors on some monetary property to Rs 1.25 lakh per 12 months. The Finance Minister introduced that angel tax will likely be abolished for all courses of traders.

7. The primary Finances of Modi 3.0 earmarked key tasks for 2 states — Bihar and Andhra Pradesh. This comes after Nitish Kumar’s JDU and N Chandrababu Naidu’s TDP backed the BJP, which fell in need of majority on this election, to cobble up the required numbers.

8. Ms Sitharaman introduced plans to develop expressways connecting Patna and Purnea, and Buxar and Bhagalpur and one other connecting Bodhgaya, Rajgir, Vaishali and Darbanga. Moreover, Bihar will get a two-lane bridge over Ganga in Buxar district. The Finance Minister additionally introduced a 2,400 MW energy plant at Pirpainti in Bhagalpur.

9. Bihar can also be a part of the Purvodaya initiative introduced by Modi 3.0 to step up improvement within the japanese a part of the nation. “We’ll formulate Purvodaya for all-round improvement of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh,” the Finance Minister stated.

10. In Andhra Pradesh, the place the NDA swept the just lately held Meeting polls, infrastructure tasks in Railways and roadways will likely be prioritised, the minister introduced. “Recognising Andhra Pradesh’s want for capital, to facilitate help by multilateral improvement companies, Rs 15,000 crore to be organized for Andhra Pradesh for improvement of capital,” she stated.

Post a comment