Budget 2024: From those getting their first job to those adopting the new tax system, know who got what in 10 points
Finance Minister Nirmala Sitharaman presented the first budget of the third term of the Modi government on Tuesday. In this budget speech, the Finance Minister has also announced the abolition of angel tax and changes in tax rates under the new tax system. The Finance Minister has also made announcements related to giving relief to first-time job seekers. Let us understand the special things related to the budget in 10 points.
1. 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 one 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. This will benefit 2.10 crore youth.
2. The government will contribute one month to PF
The government is also going to benefit 30 lakh youth entering employment. This benefit will be in the form of one month’s contribution to the Provident Fund i.e. PF.
3. 12 months internship and monthly allowance to one crore youth in top-500 companies
Finance Minister Nirmala Sitharaman said in her budget speech that the government will give one crore youth an opportunity to do internship 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 the 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 lump sum help. Companies will have to bear the cost of training and 10 percent of the cost of internship under their corporate social responsibility.
4. Change in tax slab under the new tax system
In the new tax system, the standard deduction has been increased 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 these two changes will benefit four crore salaried people and pensioners. The Finance Minister also said that the change in tax slab will save Rs 17,500 for those earning more than Rs 10 lakh. The tax slab has been prepared in this way in the new tax system.
- Zero – Rs 3 lakh – 0
- Rs 3 to 7 lakh – 5%
- Rs 7 to 10 lakh – 10%
- Rs 10 to 12 lakh – 15%
- Rs 12 to 15 lakh – 20%
- More than Rs 15 lakh – 30%
5. TDS will no longer be levied on re-purchase of mutual funds or UTI
In the case of charity, there will be one tax exemption system instead of two different systems. There will be a system of two percent TDS instead of five percent TDS for various payments. 20 percent TDS on re-purchase of mutual funds or UTI has been withdrawn. TDS for e-commerce operators has been reduced from one percent to 0.1 percent.
6. PM Garib Kalyan Yojana extended for 5 years
We extended the PM Garib Kalyan Yojana for 5 years. More than 80 crore poor people are benefiting from this. Announcement of a package of five PM schemes for employment and skill training. This will benefit 4 crore 10 lakh youth in five years. Two lakh crore rupees will be spent on these schemes. In the interim budget, we had promised to give a roadmap to developed India.
7. Mobile phones and devices will become cheaper
The Finance Minister has made announcements related to mobile phones and devices becoming cheaper. He said that domestic production has increased. Due to this, customs duty on mobile phones and mobile chargers will be reduced. Efforts will be made to promote domestic production and export. It will be reviewed comprehensively so that it can be made easier.
8. Three more cancer medicines have been completely exempted from customs duty
The Finance Minister has announced to completely exempt three more medicines for cancer patients from customs duty. Along with this, customs duty has also been reduced on X-ray tubes and flat panel detectors. Custom duty on gold and silver has been reduced by 6% and on platinum by 6.4%
9. Rs 26 thousand crore for road connectivity projects of Bihar
Announcement of giving Rs 26 thousand crore for road connectivity projects of Bihar. This will lead to the development of Patna-Purnia Expressway, Buxar-Bhagalpur Expressway. Bodh Gaya, Rajgir, Vaishali and Darbhanga road connectivity projects will also be developed. It will also help in building an additional two-lane bridge over the Ganga River in Buxar. Power projects will be started in Bihar at a cost of Rs 21 thousand 400 crore. This also includes the establishment of a new 2400 MW plant in Pirpainti. New airports, medical colleges and sports infrastructure will also be built in Bihar. Additional allocations will be made available to support capital investments. Bihar government’s request for external assistance from multilateral development banks will be processed expeditiously.
10. Finance Minister made important announcements related to tourism sector
The Finance Minister has said in his budget speech that the central government will pay special attention to the development of tourism. He has announced the construction of a corridor for the Mahabodhi temple. A corridor will also be built in the Vishnupad temple of Gaya. This will be similar to the corridor of Kashi Vishwanath temple. Rajgir is also important for Buddhist and Jain devotees. The pilgrimage areas of Rajgir will also be developed. Development will also take place in Nalanda to strengthen it as a tourist center. Apart from this, the Finance Minister said that the government will make coordinated efforts to fulfill the commitments of the Andhra Pradesh Reorganization Act. Financial assistance will be provided to Andhra Pradesh through multilateral development agencies. 15 thousand crores will be arranged in the current financial year and additional funds in the coming years. The government is fully committed to complete the Polavaram irrigation project soon. This will also help our country in food security.
In the general budget, the government listed nine priorities, these are
1. Productivity in agriculture
2. Employment and capacity development
3. Overall human resource development and social justice
4. Manufacturing and services
5. Urban development
6. Energy security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms
