Union Budget 2024: Nirmala Sitharaman revises new tax regime slabs, raises standard deduction by Rs 25K

Big announcements for Bihar, Andhra Pradesh, which are ruled by BJP allies

Nirmala Sitharaman Nirmala Sitharaman arrives at Ministry of Finance office on Tuesday morning ahead of Union Budget presentation | Sanjay Ahlawat

Finance Minister Nirmala Sitharaman made some big announcements during her Union Budget speech on Tuesday, including revision of slabs under new tax regime, increased standard deduction and abolition of angel tax. Meanwhile stock market benchmarks Sensex and Nifty plunged after a hike was proposed in STT (Securities Transaction Tax) on F&O (Futures and Options) securities.

Nirmala Sitharaman said the government plans to raise the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper middle class.

She also announced withdrawal of the 2 per cent equalisation levy. The government also increased the deduction limit to 14 per cent from 10 per cent for employers' contribution for the National Pension System (NPS).

The finance minister said the standard deduction for salaried employees will be hiked to Rs 75,000, from Rs 50,000 under new income tax regime in FY25. 

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  • 4 months ago

    That's a wrap! For more budget updates and detailed analysis visit our website theweek.in

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  • 4 months ago

    CPI Rajya Sabha MP Binoy Viswam says, "The budget has a political vengeance as Kerala has been ignored. None of Kerala's demands have been taken by the government. It is a "Kursi bachao budget'. To pacify JD(U) and TDP they have taken some measures. At the cost of the pacification, all other states are suffering...Such a budget cannot be called the national budget."

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  • 4 months ago

    Kharge calls Union Budget 2024 a 'copycat budget'

    Echoing Rahul Gandhi, Congress president Mallikarjun Kharge on Tuesday termed the Union Budget as a "copycat" and alleged that it is not for the progress of the country but to save the Modi government.

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  • 4 months ago

    This budget is a 'Jhunjhuna budget': Randeep Singh Surjewala

    Congress MP Randeep Singh Surjewala says, "This budget is a 'Jhunjhuna budget'. This is a complete disappointment. There is no relief for farmers... No mention of employment generation has been in this budget. SC ST and OBC were completely wiped out from this budget... The middle class and working class haven't got any relief in tax exemption for the past 10 years..."

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  • 4 months ago

    Rahul Gandhi slams Modi's 'kursi bachao budget', says it's a 'copy-paste' from Congress manifesto

    Rahul Gandhi on Tuesday called the Union Budget a "kursi bachao budget" and claimed it makes "hollow promises" to BJP allies at the cost of other states, claimed that the budget was "copy and paste" job of the Congress manifesto for 2024 polls and previous budgets.

    "'Kursi Bachao' Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets," said the Leader of Opposition in the Lok Sabha.

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  • 4 months ago

    Budget ignored INDIA bloc-ruled states: DK Shivakumar

    Karnataka Deputy CM DK Shivakumar says, "No INDIA alliance governments got anything. No opposition parties got anything including Karnataka. It is unfortunate and I never expected this from FM Nirmala Sitharaman."

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  • 4 months ago

    Budget announcements will benefit Uttar Pradesh: CM Yogi Adityanath

    "Under the guidance of PM Modi, in the new parliament of the country, the Finance Minister has laid down the general budget of the country which is -inclusive, development-oriented and one which will fulfil the aspirations of 140 cr people. In this general budget, there is unlimited potential for development. In this budget, 1,52,000 has been given for the prosperity of the farmers and also more than 3 lakh crore for women's empowerment. These are definitely going to help Uttar Pradesh... The new tax slabs announced in the budget are welcoming."

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  • 4 months ago

    Very happy with budget: Kangana Ranaut

    Kangana Ranaut, MP from Himachal's Mandi, says "Relief fund has been promised for Himachal Pradesh. We are very happy with the budget..."

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  • 4 months ago

    Kerala's first BJP MP in Lok Sabha Suresh Gopi says, "It's a promising budget, taking care of the middle class..."

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  • 4 months ago

    They took elements from our manifesto: Congress MP Karti Chidambaram

    "I understand the political compulsions of catering to the demands of their alliance partners from Andhra Pradesh and Bihar. They have also taken some elements from our manifesto, especially the apprentice scheme. They also announce many new schemes..."

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Basic customs duty on gold and silver was reduced to 6 per cent and platinum to 6.4 per cent besides removal of BCD on ferronickel, blister copper. However, BCD was increased from 10 per cent to 15 per cent on specified telecom equipment. The custom duty on ammonium nitrate has been raised to 10 per cent and non-biodegradable plastics to 25 per cent.

The government will look at further lowering duties for properties purchased by women and making it an essential component of urban development schemes, finance minister said on Tuesday.

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