UNION BUDGET 2024

FM Nirmala Sitharaman present Union Budget 2024: Key HIghlights

On 23 July 2024

On 23 July 2024, Finance Minister Nirmala Sitharaman made history by presenting her seventh Union Budget in a row, breaking the record set by former Prime Minister Morarji Desai.

GOLD AND SILVER RATE CHANGES

Custom duty on Gold and silver is reduced from 15% to 6%.

STANDARD DEDUCTION HIKED

Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000. Deduction on family pension for pensioners to be enhanced to Rs.25K. Salaried employee will save Rs 17,500 in income tax

CUSTOM DUTY ON MOBILE PHONES and chargers reduced

Basic custom duty on Mobile phones, mobile PCBA and Mobile Chargers has been reduced to 15% From the 20%

BUDGET FOR EDUCaTION SECTOR

FY25 Allocation Rs.1.84 Lakhs Crore for education, employment, and Skilling. Education loans upto Rs.10 lakhs for higher education in domestic institutions for those who don't qualify for other schemes

EMPLOYMENT OPPORTUNITIEs

Rs.2 Lakhs Crore for five schemes for jobs and skilling to be spent over 5 years. Employment linked incentives: Govt will give cos up to Rs.3000 a month (to PF contribution) for all new hires with salaries of less than Rs.1 Lakh.

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