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

New Delhi: The first budget of Modi 3.0 has rewarded key NDA allies, relieved taxpayers under the new regime and focused on creating job opportunities for youngsters.

Here are 10 highlights of this Budget

1. Finance Minister Nirmala Sitharaman’s Budget 2024 speech had good news for taxpayers opting for the new regime. The standard deduction in the new tax regime has been increased from ₹ 50,000 to ₹ 75,000.
2. This Budget has also revised tax slabs under the new regime. Annual income up to ₹ 3 lakh will now attract zero tax, income in the ₹ 3 lakh-7 lakh bracket will be taxed at 5 per cent. The rate will be 10 per cent for income between ₹ 7 lakh -10 lakh, 15 per cent for ₹ 10 lakh – 12 lakh and 20 per cent for ₹ 12 lakh – ₹ 15 lakh. Annual income over ₹ 15 lakh will attract 30 per cent tax.
3. Ms Sitharaman said salaried employees can save up to ₹ 17,500 in income tax under the new tax slabs. The Budget has made no changes to the old tax regime, which a large section of professionals opts for.
4. Budget 2024 had a big announcement for professionals entering the workforce. Ms Sitharaman announced that the Centre will give one-month’s salary to those joining their first job. This amount will be provided as a Provident Fund contribution. The move, she said, will benefit 210 lakh youngsters.
5. The Finance Minister said this amount would be provided through the Direct Benefit Transfer route. First-time employees registered with EPFO will get a month’s salary — up to ₹ 15,000 — in their PF accounts in three instalments. Ms Sitharaman also announced reimbursement to employers up to ₹ 3,000 per month for two years towards their EPFO contribution for each additional employee.
6. Budget 2024 also proposed to raise the limit of exemption of capital gains on some financial assets to ₹ 1.25 lakh per year. The Finance Minister announced that angel tax will be abolished for all classes of investors.
7. The first Budget of Modi 3.0 earmarked key projects for two states — Bihar and Andhra Pradesh. This comes after Nitish Kumar’s JDU and N Chandrababu Naidu’s TDP backed the BJP, which fell short of majority in this election, to cobble up the required numbers.