In the Union Budget of Financial Year (FY) 2024-25, the Ministry of Defence (MoD) has been allocated ₹6,21,940.85 crore, the highest among the Ministries. While maintaining the allocation made to MoD during the interim budget, the Government has made an additional allocation of ₹400 crore on innovation in defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme.

On 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman, in a post-Budget press conference, said that the government wants to simplify the approach to taxation.

"The average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets," she added.

"I congratulate all my countrymen on this landmark budget, poised to propel our nation to unprecedented heights of progress. Finance Minister Nirmala Sitharaman ji and her dedicated team deserve accolades for their tireless efforts. This visionary budget will uplift and empower every stratum of our society, paving the way for a brighter future for all," PM Modi said on Budget for 2024-25.

Post Budget 2024, Prime Minister Narendra Modi said, "Over the last 10 years, around 25 crore individuals have come out of poverty. Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Our young generation will be unleashed with unprecedented opportunities. Education and skills development will achieve a new scale, fuelling our nation's growth. Also, this budget will empower the middle class like never before!"

In her Union Budget speech for 2024-25, Finance Minister Nirmala Sitharaman said, "NPS-Vatsalya, a plan for contribution by parents and guardians for minors will be started. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account."

"We will encourage states that continue to charge high stamp duty to moderate the rates for all and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, encourages states with high stamp duty to moderate rates for all, lower duties further for properties purchased by women," Sitharaman said in the Budget speech.

Finance Minister Nirmala Sitharaman on Tuesday proposed a simpler tax regime for foreign shipping firms operating domestic cruises in India, with the aim of boosting cruise tourism in India.

She said ownership, leasing, and flagging reforms will be implemented to improve the Indian shipping industry's share and generate more employment.

"To give a fillip to this employment generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country," she said.

The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax (IT) Act to make it easy to read.

Presenting the Union Budget for 2024-25, Sitharaman also said the government will come out with a standard operating procedure (SoP) for TDS defaults and simplify and rationalise the compounding of such offences.

She added that two tax exemption regimes for charitable trusts will be merged into one.

Also, 58% of corporate tax has come from a simplified tax regime in FY23.

More than two-thirds of individuals availed of the new income tax regime, Sitharaman said in the Lok Sabha.

The FM further announced that DPI apps will be developed for credit, e-commerce, education, health, law, MSME service delivery, and urban governance.

Finance Minister Nirmala Sitharaman on Tuesday said the government intends to raise capital gains exemption limit on certain financial assets to ₹1.25 lakh per year for middle and upper middle class.

Presenting the Budget 2024, she announced a hike in STT (securities transaction tax) on futures and options (F&O) securities by 0.02 per cent and 0.1 per cent.

Income receipt on share buyback will be taxed in the hands of recipients, Sitharaman added.

To reduce tax litigation, the finance minister said the government is planning the Vivad Se Vishwas Scheme 2024.

• Income tax saving of up to ₹17,500 for salaried employees in new tax regime
• Income Tax Relief for around four crore salaried individuals and pensioners
• Standard deduction for salaried employees to be increased from ₹ 50,000 to ₹75,000

"As a result of these changes, salaried employees in the new tax regime stands to save up to ₹17,500. Apart from these, I am also making some other changes," Sitharaman said.

Under new tax regime, tax rate structure to be revised as follows:

• ₹0-₹3 lakh: Nil
• ₹3-₹7 lakh: 5%
• ₹7-₹10 lakh: 10%
• ₹10-₹12 lakh: 15%
• ₹12-₹15 lakh: 20%
• Above ₹15 lakh: 30%

Union Finance Minister Nirmala Sitharaman, in her Budget speech, said, "I propose to abolish the Angel tax abolished for all classes of investors. Corporate tax rate to be reduced on foreign companies from 40% to 35%."

"Monetary limit for filing Tax appeals increased to ₹60 lakh for ITAT, ₹2 crore for High Courts and ₹5 crore for Supreme Court," she added.

• Angel tax for all classes of investors to be abolished, to bolster Indian start-up ecosystem
• Corporate tax rate on foreign companies to be reduced to 35%
• Simpler tax regime for foreign shipping companies operating domestic cruises in the country

Standard Deduction for salaried employees hiked to ₹75,000, from ₹50,000 under the new income tax regime in FY25, Finance Minister Nirmala Sitharaman announced.

• Customs duty on three medicines to be fully removed to provide relief to cancer patients
• Basic customs duty on mobile phone, mobile PCBA and mobile charger to be reduced to 15%
• 25 critical minerals to be exempted from customs duties and BCD on two of them to be reduced

Finance Minister Nirmala Sitharaman said the government has proposed reducing the TDS rate on e-commerce from 1% to 0.1%.

"I propose to reduce the basic customs duty (BCD) on mobile phones and mobile PCBS and mobile chargers to 15%," the finance minister said.

Finance Minister Nirmala Sitharaman said that three cancer treatment medicines will be exempted from basic customs duty.

On precious metals, Finance Minister Nirmala Sitharaman said, "I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum."

Total receipts estimated at ₹32.07 lakh crore, expenditure at ₹48. 21 lakh crore in FY25, says finance minister in Budget.

The fiscal deficit is estimated at 4.9% of gross domestic product (GDP), Finance Minister Nirmala Sitharaman announced in the Budget for 2024-25.

"Net tax receipts estimated at ₹25.83 lakh crore in FY25," she added.

Finance Minister Nirmala Sitharaman, in her Budget speech, said that the net tax receipts estimated at ₹25.83 lakh crore in financial year 2024-25.

In her Budget speech, Finance Minister Nirmala Sitharaman said, "PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats."

Noting that Bihar frequently suffers from floods, She announced, "Our government will provide financial support with an estimated cost of ₹11,500 crore."

"Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance," she added.

"For promoting women-led development, the budget carries an allocation of more than ₹3 lakh crore for schemes intended to benefit women and girls. This signals our government's commitment to enhancing women's role in economic development," FM said.

"Significant investments have been made to build robust infrastructure. More than 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP. Private investment in infrastructure by the private sector will be promoted through viability gap funding and enabling policies," Sitharaman said.

Finance Minister Nirmala Sitharaman said, "Investment-ready 'plug and play' industrial parks to be developed in or near 100 cities."

"Twelve industrial parks have been sanctioned under the National Industrial Corridor Development Programme," she said.

"Our government will bring out a National Cooperation Policy for systematic, orderly and all-round development of the cooperative sector. Fast-tracking the growth of the rural economy and the generation of employment opportunities on a large scale will be the policy goal. This year, I have made a provision of ₹1.52 lakh crore for Agriculture and Allied Sectors, Union Finance Minister Nirmala Sitharaman said.

Union Budget 2024-25 proposes:

• Integrated technology platform to be set up for improving the outcomes under the Insolvency & Bankruptcy Code.
• Services of Centre for Processing Accelerated Corporate Exit to be extended for voluntary closure of LLPs.
• Debt recovery tribunals to be strengthened & additional tribunals to be established to speed up recovery.

"Pradhan Mantri Janjatiya Unnat Gram Abhiyan will be launched for improving the socio-economic condition of tribal communities. The scheme will adopt saturation coverage for tribal families in tribal-majority villages and aspirational districts. This will cover 63,000 villages, benefitting 5 crore tribal people," Finance Minister Nirmala Sitharaman said.

Union Budget 2024-25 provides a special attention to micro, small and medium enterprises (MSMEs) and manufacturing, particularly labour-intensive manufacturing.

• New mechanism announced for facilitating continuation of bank credit to #MSMEs during their stress period.
• Limit of Mudra loans increased from ₹10 lakh to ₹20 lakh.

Union Finance Minister Nirmala Sitharaman on Tuesday announced that the government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies over five years with ₹5000 per month as internship allowance and one-time assistance of ₹6,000.

Union Budget 2024-25 proposes:

• ₹3 lakh crore for schemes benefitting women and girls
• More than 100 branches of India Post Payment Bank to be set up in the North East region
• Completion of Polavaram Irrigation Project to ensure food security of the nation

Government to arrange ₹15,000 crore this fiscal and in future years for the development of the capital city of Andhra Pradesh, says finance minister.

In her Budget 2024 speech, FM Nirmala Sitharaman said, "On the Amritsar-Kolkata industrial corridor, we will support the development of an industrial nod at Gaya, Bihar. It will catalyse the development of the eastern region. We will also support the development of road connectivity projects- Patna-Purnea expressway, Buxar-Bhagalpur highway, Bodhgaya-Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for ₹26,000 crores."

Union Budget 2024-25 proposes revision of Model Skill Loan Scheme to help 25,000 students every year, Union Finance Minister Nirmala Sitharaman said.

"E-vouchers for loans upto ₹10 lakh for higher education in domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount," she said.

Finance Minister Nirmala Sitharaman said that the BJP-led NDA government will implement three schemes for employment-linked incentives as part of the Prime Minister's package.

"These will be based on enrollment in the EPFO (Employees' Provident Fund Organisation) and focus on recognition of the first-time employees and support to employees and employers," she said.

• Scheme A: First Timers
• Scheme B: Job Creation in manufacturing
• Scheme C: Support to employers

The FM said that the government will provide incentives to 30 lakh youth entering the job market by providing 1 month PF contribution.

The Union Budget 2024-25 envisages sustained efforts on 9 priorities for generating ample opportunities for all.

• Productivity and resilience in Agriculture
• Employment and skilling
• Inclusive human resource development and social justice
• Manufacturing and services
• Urban development
• Energy security
• Infrastructure
• Innovation, research and development
• Next generation reforms

Finance Minister Nirmala Sitharaman said, "India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable, moving towards the 4% target..."

"Turning attention to the full year and beyond, in this budget, we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs. 2 lakh crore," the Finance Minister said.

Beginning her Union Budget 2024 speech, Finance Minister Nirmala Sitharaman said, "The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term."

Union Finance Minister Nirmala Sitharaman presents the first Budget of the third consecutive Modi government.

Reports are speculating that Finance Minister Nirmala Sitharaman may bite the bullet on taxes this time in order to provide relief to the middle class from high inflation. In the Interim Budget for FY 2024-25, presented in February, Sitharaman did not announce any change to the income-tax slabs.

Union Cabinet has approved the Budget for 2024-25. Finance Minister Nirmala Sitharaman will present the Union Budget shortly.

Ahead of the Budget, Prime Minister Narendra Modi has arrived in Parliament. Finance Minister Nirmala Sitharaman will present the Union Budget at 11 am today.

Finance Minister Nirmala Sitharaman on Tuesday, July 23, called on President Droupadi Murmu before presenting the full Budget for 2024-25.

As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.

Watch Finance Minister Nirmala Sitharaman present her 7th Budget and her first after PM Narendra Modi-led NDA won a third term.

Union Finance Minister Nirmala Sitharaman on Tuesday showcased a tablet wrapped in a 'bahi-khata'-styled pouch carrying the Budget documents outside the Finance Ministry in North Block. Sitharaman has left for the Parliament, where she will table the Union Budget 2024 later today.

The full budget for 2024-25, to be presented in Parliament on Tuesday, could possibly increase capital expenditure and may usher in a more standardised approach to taxation, Moody's Analytics said.

After losing its absolute majority in the lower house, or Lok Sabha, in June, Prime Minister Narendra Modi's Bharatiya Janata Party will be looking to nurture confidence and public trust in the new coalition government that it now leads, said Aditi Raman, Associate Economist, Moody's Analytics.

The Income Tax-related announcements will remain the focus of the Union Budget for the financial year 2024-25 (FY25), which Finance Minister Nirmala Sitharaman will present on Tuesday at 11 am.