{"id":31314,"date":"2024-07-23T17:15:29","date_gmt":"2024-07-23T11:45:29","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=31314"},"modified":"2024-07-23T18:13:10","modified_gmt":"2024-07-23T12:43:10","slug":"all-about-indias-union-budget-2024","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/all-about-indias-union-budget-2024\/","title":{"rendered":"All about India\u2019s Union Budget 2024"},"content":{"rendered":"

Union Finance Minister Nirmala Sitharaman presented her 7th consecutive Union Budget 2024 in the Lok Sabha on 23 July 2024. She surpassed the record previously held by former FM Morarji Desai. This will be the first full budget of the National Democratic Alliance (NDA) government in its 3rd term under Prime Minister Narendra Modi. It marks his government\u2019s 13th Budget since assuming office in 2014.<\/span><\/p>\n

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\"Start<\/a><\/b><\/h4>\n

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Here is all you need to know about Union Budget 2024-25.<\/span><\/p>\n

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Key Highlights From India’s Union Budget 2024<\/b><\/h2>\n

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The theme of the Union Budget 2024-25 is Employment. Finance Minister Nirmala Sitaraman pointed out that the prime focus of the Union Budget is to promote employment and skilling, provide support to Medium, Small and Micro Enterprises (MSMEs) and empower the middle class. Envisioning the futuristic vision for \u2018Amrit Kaal\u2019, let\u2019s see the highlights of the different segments of this year\u2019s budget.<\/span><\/p>\n

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Income Tax<\/b><\/h3>\n

There have been major changes in income taxes in this year\u2019s budget. Here are all the changes:<\/span><\/p>\n

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1. Standard Deduction For Salaried Employees:<\/b><\/h4>\n

from income from salaries will be increased from \u20b950,000 to \u20b975,000 from the next financial year. This deduction pertains to the salaried employees filing for taxes in the new tax regime.\u00a0<\/span><\/p>\n

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2. New Tax Slab Under New Tax Regime For FY 2024-25:<\/b><\/h4>\n

The tax slab structure of the new tax regime has been changed. Here is the proposed one:<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Income Slab for FY 2023-24 (\u20b9)<\/th>Tax Rate as per New Tax Regime for FY 2023-24<\/th>Income Slab FY 2024-25 (\u20b9)<\/th>Tax Rate as per New Tax Regime for FY 2024-25<\/th>\n<\/tr>\n<\/thead>\n
0- 3,00,000<\/td>0%<\/td>0- 3,00,000<\/td>0%<\/td>\n<\/tr>\n
3,00,000- 6,00,000<\/td>5%<\/td>3,00,000- 7,00,000<\/td>5%<\/td>\n<\/tr>\n
6,00,000- 9,00,000<\/td>10%<\/td>7,00,000- 10,00,000<\/td>10%<\/td>\n<\/tr>\n
9,00,000- 12,00,000<\/td>15%<\/td>10,00,000- 12,00,000<\/td>15%<\/td>\n<\/tr>\n
12,00,000- 15,00,000<\/td>20%<\/td>12,00,000- 15,00,000<\/td>20%<\/td>\n<\/tr>\n
15,00,000 above<\/td>30%<\/td>15,00,000 above<\/td>30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

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Here’s an infographic explaining the new tax structure:<\/p>\n

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#Budget2024<\/a> brings changes to the New Tax regime. Good news to salaried taxpayers?<\/p>\n

Tell us what you think. pic.twitter.com\/DoZDr2FX36<\/a><\/p>\n

— Kuvera (@Kuvera_In) July 23, 2024<\/a><\/p><\/blockquote>\n