Budget 2024-25 Live Updates: Standard deduction hiked, tax slabs revised in new tax regime

Union Finance Minister Nirmala Sitharaman presents the Budget 2024 in Parliament.

12:33 PM, 23rd Jul

FM Sitharaman announces new Income Tax regime:

Standard Deduction for employees and family pensioners: Rs 75000

New Slabs: 

Up to Rs 3 lakh: Nil

Rs 3 lakh to Rs 7 lakh: 5%

Rs 7 lakh to Rs 10 lakh: 10%

Rs 10 lakh to Rs 12 lakh: 15%

Rs 12 to Rs 15 lakh: 20%

Above Rs 15 lakh: 30%

12:20 PM, 23rd Jul

Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery.

- Finance Minister Nirmala Sitharaman

12:19 PM, 23rd Jul

Significant investments have been made to build robust infrastructure. Over 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 private sector will be promoted through viability gap funding and enabling policies.

- Finance Minister Nirmala Sitharaman

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#WATCH | #Budget2024 | Finance Minister Nirmala Sitharaman says, "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP...Private… pic.twitter.com/0Hjdvg4PjC

— ANI (@ANI) July 23, 2024 >

12:12 PM, 23rd Jul

A joint venture between NTPC and BHEL will set up 100 MW commercial thermal plant using AUSC (advanced ultra supercritical) technology.

- FM Sitharaman

12:11 PM, 23rd Jul

The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy.

- FM Sitharaman

12:10 PM, 23rd Jul

PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it.

- Finance Minister

12:08 PM, 23rd Jul

Urban Housing: Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years: Finance Minister Nirmala Sitharaman

11:59 AM, 23rd Jul

Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions: Finance Minister Nirmala Sitharaman

11:58 AM, 23rd Jul

The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000: Finance Minister Nirmala Sitharaman

11:56 AM, 23rd Jul

Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited...Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers: FM Sitharaman

11:52 AM, 23rd Jul

For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger

- Finance Minister

11:51 AM, 23rd Jul

Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years:  Finance Minister Nirmala Sitharaman

11:49 AM, 23rd Jul

On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the easter 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 Rs 26,000 crores: FM Sitharaman

11:45 AM, 23rd Jul

One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth: FM Sitharaman

11:37 AM, 23rd Jul

This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore: FM

11:36 AM, 23rd Jul

The Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people: FM Sitharaman

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The Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people: FM @nsitharaman #BudgetForViksitBharat #Budget2024 #BudgetWithDD #LokSabha @FinMinIndia @nsitharamanoffc pic.twitter.com/x3XEfq1f9p

— DD News (@DDNewslive) July 23, 2024 >

11:34 AM, 23rd Jul

I am happy to announce the Prime Ministers scheme of 5 initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5 year period: FM

11:27 AM, 23rd Jul

The Budget envisages sustained efforts on 9 priorities for generating ample opportunities for all

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Budget Priorities

The Budget envisages sustained efforts on 9 priorities for generating ample opportunities for all #UnionBudget2024 #BudgetForViksitBharat #Budget2024 pic.twitter.com/X6fo507LzX

— PIB India (@PIB_India) July 23, 2024 >

11:16 AM, 23rd Jul

The people of India have reposed their faith in the government led by PM Modi and re-elected it for historic 3rd term under his leadership

We are grateful for their support, faith and trust in our policies. We are determined to ensure that all Indians regardless of religion, caste, gender and age make substantial progress in realizing their life goals and aspirations.

- Nirmala Sitharaman

11:14 AM, 23rd Jul

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 ? 2 lakh crore.

- Finance Minister Sitharaman

11:09 AM, 23rd Jul

FM Sitharaman begins her Budget speech in Parliament. This is Sitharaman's 7th consecutive Budget and the first Budget in the Modi Government 3.0