Union Budget 2024: Finance Minister Nirmala Sitharaman has presented the budget in the Lok Sabha. While finishing the budget, the Finance Minister made a big announcement for the middle class. The middle class of the country has got a big relief in the new tax regime. In the new tax regime, the standard deduction has been increased from Rs 50 thousand to Rs 7,5000. At the same time, no more than 20% tax will be levied on an annual income of Rs 15 lakh. Apart from this, the New Tax Slab has been changed once again.
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In her 1 hour 23 minute speech, the Finance Minister brought some relief to the salaried class. For those who have chosen the new tax regime, income up to Rs 7.75 lakh has now become tax free. That means they have benefited by Rs 17.5 thousand.
Finance Minister Nirmala Sitharaman said, ‘Standard deduction has been increased from 50 thousand to 75 thousand. Apart from this, no tax will have to be paid on 0 to 3 lakhs. 5% on 3 to 7 lakh rupees, 10% on 7 to 10 lakh rupees, 15% on 10 to 12 lakh rupees. 20% on 12 to 15 lakhs. 30 percent tax will be levied on salary more than 15 lakhs.
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Understand the new tax regime in this way:-
No tax on income from 0 to 3 lakh 5% income tax on income from 3 to 7 lakh 10% income tax on income from 7 to 10 lakh 15% income tax on income from 10 lakh to 12 lakh 20% income tax on income from 12 lakh to 15 lakh 30% income tax on income above 15 lakh Earlier, changes were made in the new tax slab last year. Earlier this was the new tax slab (New Tax Slab- 2023)- 0% on 0 to 3 lakh 5% on 3 to 6 lakh 10% on 6 to 9 lakh 15% on 9 to 12 lakh 20% on 12 to 15 lakh 30% on more than 15 lakh
Old Tax Slab – Up to Rs 2.5 lakh – 0% 2.5 lakh to 5 lakh – 5% 5 lakh to 10 lakh – 20% Above Rs 10 lakh – 30%
Let us tell you, in the year 2020, the government introduced the New Tax Slab, which was not liked by most of the taxpayers. Then it was changed last year. Earlier there were 6 tax slabs, which were changed to 5 tax slabs. Also, it was announced that no tax will be paid on income of Rs 7 lakh. Under the new tax system, the basic exemption limit has been made Rs 3 lakh.
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What became cheaper: Cancer medicines, gold-silver, platinum, mobile phones, mobile chargers, electrical wires, X-ray machines, solar sets, leather and seafood.
Custom duty on cancer medicine reduced, medicine will become cheaper
Union Minister Nirmala Sitharaman said, ‘To provide relief to medicine and medical cancer patients, custom duty has been completely removed on 3 medicines. Duty on X-ray tubes has also been reduced.’
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Custom duty on gold and silver reduced, now only 6% will have to be paid
3 medicines used for the treatment of cancer will be exempted from basic customs duty. Regarding precious metals, Finance Minister Sitharaman said that customs duty on gold and silver will be reduced to 6% and on platinum to 6.5%. Innovation, research and development will be promoted. A National Research Fund will be set up for basic research and prototype development. A funding pool of Rs 1 lakh crore will also be created to promote research and innovation driven by the private sector at a commercial scale.
7 big things of the budget
For those in their first job: People registering for the first time with EPFO, if their salary is less than Rs 1 lakh, will get Rs 15,000 in three installments. For education loan: Those who are not getting any benefit under government schemes will get loan for admission in institutions across the country. The government will provide up to 3 percent of the loan amount. For this, e-vouchers will be introduced, which will be given to one lakh students every year. For Bihar and Andhra Pradesh: Rs 15,000 crore assistance to Andhra Pradesh and Rs 41,000 crore to Bihar. Special scheme for infrastructure development for Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. For farmers: Information of 6 crore farmers will be brought on land registry. New Kisan Credit Cards will be issued in 5 states. For youth: Mudra loan amount increased from Rs 10 lakh to Rs 20 lakh. Promise of internship to 5 crore youth in 500 top companies. For women and girls: Provision of Rs 3 lakh crore for schemes benefiting women and girls. Suryaghar Free Electricity Scheme: 1 crore households will get free electricity up to 300 units every month. Mobile phones will become cheaper: Custom duty on mobile phones and parts has been reduced. Mobiles will become cheaper. Custom duty on gold and silver jewellery has been reduced to 6%. For salaried people: Income up to Rs 7.75 lakh is tax free in the new tax regime, benefit of Rs 17.5 thousand.
Shankaracharya Avimukteshwaranand Saraswati is a puppet of Rahul Gandhi and Priyanka Vadra!- Avimukteshwaranand Saraswati
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