Union Budget 2024-25 Live Updates & Highlights

Jul 23, 2024 12:37 IST

Income Tax Slabs Restructuring

• In the Union BudgetSpeech, Standard deduction for those under new regime raised from Rs 50,000 to Rs 75,000

• New tax slabs - No tax up to Rs 3 lakh, Rs 3-7 lakh at 5%, Rs 7-10 lakh at 10%, Rs 10-12 lakh at 15%, Rs 12-15 lakh at 20% and above Rs 15 lakh 30%

Jul 23, 2024 12:35 IST

Reduction of Corporate Tax For Foreign Companies

• Corporate Tax rate on foreign companies reduced to 35% from 40%

Jul 23, 2024 12:33 IST

Angel Tax Removed

• In the bid to boost startups, FM Sitharaman Announced the removal of Angel tax from all classes of investors.
  
  

Jul 23, 2024 12:08 IST

Housing Mandate for Rural Development

• Special dormitory-type accommodation for industrial workers will be developed in PPP model to boost manufacturing industries. 
• This Union Budget gives Rs 10 lakh crore for developing housing for urban poor.

• FM Sitharaman announced that 3 crore additional houses in rural and urban areas will be developed.

Jul 23, 2024 12:05 IST

SIDBI and Mudra Laon Related Announcements

Major Annoucements by FM Smt. Nirmala Sitharaman: 

• MSME Cluster Development Initiative to get a great boost as SIDBI is given mandate to open new branches to serve more MSMEs Directly.
  
  

• Mudra Loan Limit is enhanced from Rs 10 Lakh to Rs 20 Lakh.