Budget 2024 Announcements: Consumer

Salaried

• Relief in standard deduction increased from Rs 50 thousand to Rs 75 thousand.
• Big changes in the new tax regime, benefit of Rs 17.5 thousand. No change in the old one.
• 20% TDS withdrawn on repurchase of mutual funds or UTIs.
• Income up to Rs 3 lakh is tax free in the new tax regime.
• 5% income tax from Rs 3 to 7 lakh.
• 10% income tax from Rs 7 to 10 lakh.
• 15% income tax from Rs 10 to 12 lakh.
• 20% income tax from Rs 12 to 15 lakh.
• Income above Rs 15 lakh will be taxed at 30%.

Senior Citizens

• Significant progress in New Pension Scheme
• Deduction on Family pension is enhanced from Rs 15,000 to Rs 25,000
• Standard Deduction for pensioner increased to Rs 75,000 under New tax regime

Women

• Setting up hostels for working women
• Setting up creches to help working women
• Promotion of market access for women SHG enterprises

Students

• Opportunity for one crore youth to get internship in top-500 companies in 5 years.
• Package of 5 PM schemes for employment, skill training.
• 4 crore 10 lakh youth will be benefited in 5 years. Two lakh crores will be spent.
• Model skill loan scheme to help 25,000 students every year.
• Students will get college admission loan. The government will give up to 3% of the money.
• Every year one lakh students will be given loan e-vouchers.

Jobs

• Big announcement for first time job seekers in the formal sector.
• Those starting a job for the first time will get one month’s salary.
• Maximum salary amount is Rs 15 thousand in three installments through direct benefit transfer.
• The eligibility limit will be Rs 1 lakh per month. 2.10 crore youth benefited.
• Employment opportunities for the youth with technical skills in manufacturing, installation and maintenance
• The government will pay one month’s PF for 30 lakh youth who have their first job.

Farmers

• Provision of Rs 1.52 lakh crore for farmers and agriculture sector
• The budget for farmers was increased by 21.6% i.e. Rs 25 thousand crore.
• Will introduce 109 new varieties of 32 crops, 19 varieties with high yield.
• Focus on crops like mustard, groundnut, sunflower and soybean.
• Digital survey of crops will be conducted in 400 districts.
• One crore farmers will join natural farming in one year
• Information of 6 crore farmers will be brought to the land registry.
• New Kisan Credit Cards will be issued in 5 states.
• PM Tribal Unnat Gram Abhiyan Yojana for 63,000 tribal dominated villages.

Professional/Business

• Corporate Tax on Foreign Companies cut to 35% from 40%
• New Mechanism for facilitating continuation of bank credits to MSME
• Internship in 500 companies for 1 Cr youth in 5 years
• Incentivise implementation of business reform action plan and digitalisation
• Business Gains to be included under Profits & gains of life insurance business
• Non reporting of movable asset upto Rs 20 lac not to be penalised

Social Services

• Self Help groups, women entrepreneurs, street vendors to get support for economic activites
• National Livelihood Missions, Stand-up India to be stepped up
• Empowering all eligible people with equal opportunities for education and health