The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, introduces several significant changes aimed at benefiting the common man. Here’s how the new budget might affect various aspects of your life:
Tax Benefits:
The new tax regime has been made more attractive with an increased standard deduction of Rs 75,000, up from Rs 50,000. The revised tax slabs are:
– No tax for income up to Rs 3 lakh
– 5% tax for income between Rs 3 lakh and Rs 7 lakh
– 10% tax for income between Rs 7 lakh and Rs 10 lakh
– 15% tax for income between Rs 10 lakh and Rs 12 lakh
– 20% tax for income between Rs 12 lakh and Rs 15 lakh
– 30% tax for income above Rs 15 lakh
For family pensioners, the deduction has increased from Rs 15,000 to Rs 25,000.
Urban Housing:
A substantial allocation of Rs 10 lakh crore has been made for the PM Awas Yojana Urban 2.0. This initiative aims to address the housing needs of 1 crore urban poor and middle-class families, providing durable homes in urban areas.
Cheaper Goods:
Custom duties have been reduced on several items:
– Gold and silver duties are now 6%
– Platinum duty has been lowered to 6.4%
– Basic custom duty on mobile phones and chargers is reduced to 15%
Support for New Employees:
New employees entering the formal sector will receive one month’s wage, up to Rs 15,000, through direct benefit transfer. This will be paid in three instalments. Additionally, the government will cover Rs 3,000 per month of EPFO contributions for new hires for two years. This scheme is expected to benefit around 30 lakh youths.
Internship Opportunities:
A new scheme will provide internships at 500 top companies for 1 crore youths over the next five years. Interns will receive a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000 through CSR funds.
Support for Women Property Buyers:
The government will encourage states to lower stamp duties for properties purchased by women, making home ownership more accessible.
Cancer Treatment:
Three additional cancer medicines have been exempted from custom duties, making treatment more affordable.
Future Planning for Children:
A new scheme, NPS Vaatsalya, will allow parents to contribute to their minor children’s National Pension System (NPS) accounts. These accounts can be converted to regular NPS plans once the children turn 18.
These changes aim to boost job creation, support new employees, and enhance overall living standards.
