Budget 2024 Highlights: Key Announcements On Income Tax And Personal Finance 

Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-2025 today, on July 23, 2024. The key announcements are significant as they mark the first full-year budget of the newly re-elected Modi 3.0 government. There were high expectations that the economically struggling Indians will receive a range of measures to ease their financial burden. Were the expectations of middle-class taxspayers met through Budget 2024? Read on to know the key highlights of income tax and personal finance.

Budget 2024 For Middle-Class Taxpayers

Budget for fiscal year 2024-25 aims to lower their tax liability and increase their disposable income. According to experts, this adjustment will have a substantial impact on their financial well-being, especially during a time when living expenses are rising.

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Budget 2024: Key Announcements On Income Tax And Personal Finance

• Securities transaction tax (STT) on F&O soared to 0.02% and 0.1%.
• Standard deduction hiked to Rs 75000 in new tax regime.
• Capital gains exemption limit increased to Rs 1.25 lakh.
• New income tax slabs announced in new tax regime in Budget 2024.
• LTCG increased from existing 10% to 12.5%.
• STCG cut to 20% on certain financial assets, and 12.5% on LTCG
• Exemption of capital gains increased to Rs 1.25 lakh per year for certain assets

• According to the new NPS scheme for minors announced in Budget 2024, parents can plan pensions for their children which will be transferred to them once they attain maturity.

• This year’s budget will also focus on employment, skilling, MSMEs, and the middle class for the full year. Prime Minister’s package of 5 schemes and initiatives aimed at enhancing employment prospects, skill development, and other opportunities for 41 million young people over the next 5 years, with a total investment of Rs. 2 trillion from the central government.

• The new Budget states that the Govt will offer education loans of up to 10 lakh to eligible individuals.
  

• It also announces employment-linked incentives based on enrollment into EPFO. Focused on first-time employees, it offers one month's wage for all employees in the formal sector.

• There will be 3 crore additional houses under PM Awas Yojana.

• Stamp duty charges on property purchased by women will be moderated.

Image Courtesy: PTI

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