Budget 2024-25 LIVE Updates
- By Thetripurapost Desk, New Delhi
- Jul 23, 2024
- 617
Finance Minister Nirmala Sitharaman presenting her seventh consecutive budget today ie on 23 July 2024.
This is the second budget to come this year after 1 February 2024. Before the Lok Sabha elections, the Finance Minister had presented the Interim Budget.
And now this will be the 11th budget of the Narendra Modi-led NDA government, which has come to power for the third consecutive time.
At 11 am in the Lok Sabha, the lower house of Parliament, Nirmala Tai once again presenting the budget on the Parliament table in her familiar style. We will tell you what is going to be special in this budget? Read every update related to Budget 2024 here live…
LIVE 1:015 (IST) 23 July 2024
Revised Tax Rate
₹0-3 lakh - nil tax
₹3-7 lakh - 5%
₹7-10 lakh - 10%
₹10-12 lakh - 15%
₹12-15 lakh - 20%
Above ₹15 lakh - 30%
LIVE 1:03 (IST) 23 July 2024
Opposition reacted to the budget:
Congress MP Imran Masood said on the Union Budget, 'This is a budget scared of Nitish Kumar and Chandrababu Naidu. They have no vision of their own, they say a lot, now we have to see how they will implement it.
TMC MP Kalyan Banerjee said, 'This is a 'Save Chair' budget. This is a budget to keep those who are in NDA, Nitish Kumar and Chandrababu Naidu with them, this budget is not for the country. There is nothing for Bengal, they cannot tolerate Bengal, they will be wiped out from Bengal.'
Samajwadi Party chief Akhilesh Yadav said on the Union Budget, 'If we look at Uttar Pradesh, what is the status of investment? The projects that are going on in them are never completed on time, it is good that Bihar and Andhra Pradesh have been linked with special schemes but is there anything in the budget for the farmers of a state like Uttar Pradesh which is given by the Prime Minister?' Akhilesh said that 'until permanent jobs are arranged for farmers and youth, the public will not get any major benefit.
LIVE 12:49 (IST) 23 July 2024
This provision was made under the tax slab
On personal income tax rates in the new tax system, Finance Minister Sitharaman said, 'Under the new tax system, the tax rate structure will be such that there will be no tax on 0 to 3 lakh rupees. 5% income tax will be levied on income of Rs 3-7 lakh and 10% income tax will be levied on income of Rs 7-10 lakh. At the same time, 15% income tax will be levied on income of 10-12 lakh and 20% on annual income of Rs 12-15 lakh, and 30% income tax will be levied on income of more than 15 lakh.
- The government has increased the standard deduction from 50 thousand to 75 thousand rupees.
- The exemption limit on family pension is being increased from 15 thousand to 25 thousand rupees. The Finance Minister said that four crore employed and pensioners will benefit from these two changes.
LIVE 12:36 (IST) 23 July 2024
Income Tax Act 1961 will be reviewed
The Finance Minister said that 'Income Tax Act 1961 will be comprehensively reviewed. This will reduce tax related disputes and litigation. It is proposed to complete it in 6 months.' The Finance Minister said that 'Income Tax assessment will be reopened after 3 years only in those cases where the remaining income is Rs 50 lakh and above.'
The Finance Minister said that 'Long term capital gains tax has been increased from 10 to 12.5% and long term capital gains exemption has been increased from 1 lakh to 1.25 lakh. Short term capital gains tax has been increased from 15 to 20%.'
LIVE 12:22 (IST) 23 July 2024
TDS for e-commerce operators reduced from one percent to 0.1 percent:
On the tax system, the Finance Minister said that in the case of charity, there will be one tax exemption system instead of two different systems. Also, there will be a system of two percent TDS instead of five percent TDS for various payments. -
20 percent TDS on repurchase of mutual funds or UTI has been withdrawn.
- TDS for e-commerce operators has been reduced from one percent to 0.1 percent. Also, delay in paying TDS will not be considered a crime.
- 25 important minerals will be exempted from customs duty and BCD will be reduced on two of them.
LIVE 12:17 (IST) 23 July 2024
These things including gold and silver will become cheaper
Domestic production of mobile phones and devices has increased. Customs duty will be reduced on mobile phones and mobile chargers.
Three more medicines for cancer patients will be completely exempted from customs duty. Customs duty will also be reduced on X-ray tubes and flat panel detectors.
Customs duty on gold and silver will be reduced by 6% and on platinum by 6.4%.
LIVE 12:14 (IST) 23 July 2024
Pradhan Mantri Gram Sadak Yojana Phase 4 will be launched:
Finance Minister Nirmala Sitharaman said, 'Pradhan Mantri Gramin Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural settlements. Bihar is frequently flooded. The plan to build flood control structures in Nepal has not yet taken off. Our government will provide financial assistance at an estimated cost of Rs 11,500 crore. Assam, which faces floods every year, will get assistance for flood management and related projects. Himachal Pradesh, which has suffered extensive damage due to floods, will also get support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which has suffered a lot due to landslides and cloudbursts, will be provided with necessary assistance.'
LIVE 12:12 (IST) 23 July 2024
Union Budget 2024: 'An integrated technology platform will be created for bankruptcy cases
Finance Minister Nirmala Sitharaman said, 'An integrated technology platform will be set up to improve outcomes under the Insolvency and Bankruptcy Code. Debt recovery tribunals will be strengthened and additional tribunals will be set up to speed up recovery.'
LIVE 12:05 (IST) 23 July 2024
Government's focus on infrastructure development
Finance Minister Nirmala Sitharaman said, 'Significant investments have been made to build strong infrastructure. More than Rs 11 lakh crore has been allocated for capital expenditure for infrastructure development. This will be 3.4% of our GDP. Private investment in infrastructure by the private sector will be promoted and financing and enabling policies will be created for this.'
LIVE 11:58 (IST) 23 July 2024
Government's emphasis on increasing religious tourism:
The central government is paying special attention to the development of tourism. Construction of a corridor for the Mahabodhi temple has been announced. A corridor will be built for the Vishnupad temple in Gaya. This will be based on the development of the Kashi Vishwanath corridor.
LIVE 11:53 (IST) 23 July 2024
Launch of Suryaghar Free Electricity Scheme':
On the free solar electricity scheme, Finance Minister Nirmala Sitharaman said, 'Pradhan Mantri Suryaghar Free Electricity Scheme has been launched, under which solar panels will be installed on the roofs, which will provide free electricity up to 300 units every month to 1 crore families. This scheme will promote it further
LIVE 11:47 (IST) 23 July 2024
One crore youth will get internship opportunity in top 500 companies in next five years:
Finance Minister Nirmala Sitharaman said in her budget speech that 'The government will provide internship opportunities to one crore youth in top-500 companies in the next five years. This internship will be for 12 months. In this, the youth will get a chance to know the real environment of business and face the challenges of different professions. Under this, the youth will also be given an allowance of five thousand rupees every month. Not only this, they will be given six thousand rupees as a one-time help. Companies will have to bear the cost of training and 10 percent of the cost of internship under their corporate social responsibility.'
LIVE 11:33 (IST) 23 July 2024
Loan up to Rs 10 lakh will be available for Education Loan:
Finance Minister Nirmala Sitharaman said, 'The government will provide financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions.'
LIVE 11:30 (IST) 23 July 2024
Gift to first time job seekers:
One of the nine priorities of the government is employment and skill development. Under this, first-time job seekers are going to get a big help. Those starting a job for the first time in the formal sector will be given a month's salary. This salary will be released in three installments through direct benefit transfer. Its maximum amount will be Rs 15,000. People registered with EPFO will get this help. The eligibility limit will be Rs 1 lakh per month. 2.10 crore youth will benefit from this.
LIVE 11:26 (IST) 23 July 2024
Provision of Rs 1.52 lakh crore has been made for farmers and agriculture sector in the budget. Schemes for agriculture and related sectors will be made from this fund.
LIVE 11:21 (IST) 23 July 2024
'India's economy is growing strongly'
Despite global challenges, India's economy is growing strongly, inflation remains consistently low and is moving towards the target of four percent: Finance Minister Nirmala Sitharaman
LIVE 11:16 (IST) 23 July 2024
Five new schemes for employment in Budget 2024
We are focusing on employment, skills, MSMEs and the middle class. I announce five new schemes to provide employment to 4.1 crore youth: Nirmala Sitharaman, Finance Minister
LIVE 11:07 (IST) 23 July 2024
Finance Minister Nirmala Sitharaman presenting her seventh consecutive budge