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Budget 2024 LIVE Updates: Nirmala Sitharaman's Mega Jobs, Tax Announcements In Union Budget

Budget 2024: In her 7th record Union Budget, Nirmala Sitharaman announced key employment schemes and also revised the tax structure in the new tax regime, while the slabs in old regime remain unchanged. PM Modi later congratulated her for a balanced budget.

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India News NDTV News Desk

Updated : July 23, 2024 9:21 pm IST

Budget 2024: PM Modi praised the Union Budget

New Delhi:

Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget in Parliament today - Tuesday, July 23. Nirmala Sitharaman announced key employment schemes and also revised the tax structure in the new tax regime, while the slabs in old tax regime remain unchanged.

The Finance Minister announced a major reduction in customs duty on cancer medicines and mobile phones. Imported gold, silver, leather goods and seafood will also get cheaper.

The Budget for 2024-25 is the action plan for the Modi 3.0 government to outline a roadmap towards India's development in the next five years.

Prime Minister Narendra Modi praised the Union Budget presented by Nirmala Sitharaman. He said the Budget 2024 will benefit all sections of society and lay the foundation for a developed India.

Stay tuned to our live blog as we bring all the relevant developments and updates on Union Budget 2024.

Here Are The Live Updates On Union Budget 2024:

Jul 23, 2024 21:21 (IST)

Can Chandrababu Naidu's Rich Adopt Poor Plan Bridge The Gap?

The IMF (The International Monetary Fund) in its report in April 2024 had estimated India's GDP growth to be 6.8%. In July 2024, it revised the forecast by 20 basis points to 7%. The organisation reasoned that better private consumption, especially in rural India, is responsible for this growth outlook.

Despite such favourable numbers, India, which is poised to become the third-largest economy in the world by 2029, remains a poor country. With a per capita income of US $2,730, India continues to be one of the low ranked countries in the League of Nations and the poorest among BRICS and G-20 nations. A majority of India's 1.4 billion people continue to survive on the margins.

Perhaps, as a cure for poverty, Andhra Pradesh Chief Minister Chandrababu Naidu recently called on India's top 10% to 'adopt' the bottom 20%. Addressing the Confederation of Indian Industry (CII) virtually, Mr Naidu urged the close involvement of Indian corporates in this mission. "Today, I am putting one proposal before you. Disparities are increasing day by day and there are poor people. Can you do something for them? This is where I am proposing P4 (Public Private People's Partnership)," he said.

Jul 23, 2024 19:46 (IST)

"No One With Sane Mind Will Criticise Budget": Kiren Rijiju To NDTV

The Union Budget for 2024-25 presented by Nirmala Sitharaman lays the strongest-possible foundation for an 'atmanirbhar' (self-reliant) and 'viksit' (developed) Bharat and no one with a sane mind will criticise it, Minister Kiren Rijjiju has said.

Jul 23, 2024 19:34 (IST)

Union Budget 2024: Cigarette Prices Remain Unchanged After No Tobacco Tax Hike In Budget 2024

Union Budget 2024: The price of cigarettes will remain unchanged after the government announced no hike in the existing tax rates on tobacco products in the 2024 Union Budget.

Jul 23, 2024 19:26 (IST)

Union Budget 2024 Live: Finance Minister Nirmala Sitharaman On This Year's Budget

Jul 23, 2024 19:14 (IST)

Budget 2024: For The 1st Time, Private Sector Allowed to Invest in Atomic Energy

India's atomic energy got a positive nudge today with Finance Minister Nirmala Sitharaman saying, "Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat." India is now set to develop small reactors and conduct research to develop small modular reactors. In another big announcement, the private sector has been allowed to partner in setting up nuclear plants for the first time.

The NITI Aayog has been urging the government to look at small reactors more seriously. "Private sector being permitted is a big new opening," says VK Saraswat, Member of Science and Technology at NITI Aayog. "I am very happy to see the government has accepted the further development of small reactors since atomic energy has a very low carbon footprint and offers assured base power supply," he adds."

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Jul 23, 2024 18:51 (IST)

Exclusive - "Will Become Banana Republic...": Union Minister Piyush Goyal On "Copy-Paste" Budget Charge

"Nobody looks at Congress's ideas seriously, if any budget or government has to work based on their ideas, India will become a banana republic," Piyush Goyal, in an exclusive interview with NDTV, reacted to Congress's "copy-paste" budget charge.

Jul 23, 2024 18:44 (IST)

Budget 2024: "As Vague As Vague Can Be'': P Chidambaram Attacks Claims In Union Budget

Senior Congress leader P Chidambaram - one of the was scathing in his attack on the Union budget today, questioning what data the BJP had to back their claims. Most of the claims made while presenting the budget, he said, were "as vague as vague can be", and as example, cited the government's scheme for jobs and apprenticeship for first-time workers.

The government has promised to provide internships in top companies for the young people in the country and claimed that the scheme will benefit 210 lakh youths. It is meant for all persons entering the workforce in all sectors, Ms Sitharaman said while presenting Budget 2024 in parliament.

Jul 23, 2024 17:40 (IST)

Union Budget 2024: Opposition Rubbishes NDA Budget With "Kursi Bachao" Tag

The first budget of Prime Minister Narendra Modi's third term has been received with disdain by the newly-strengthened Opposition. While the Congress has been sharp in its criticism, its INDIA bloc allies have been unanimous that this is a "kursi bachao (save the chair)" budget. The term has been coined by Mamata Banerjee's Trinamool Congress, Samajwadi Party chief Akhilesh Yadav concurred. But his grouse lay elsewhere.

"It is understandable that they have to save their government and gave special packages to Bihar and Andhra Pradesh, but a state like Uttar Pradesh that gives the country its prime ministers, is there anything for the farmers here?" Mr Yadav told reporters today

Jul 23, 2024 16:47 (IST)

Delhi Police Gets Rs 11,400 Crore In Union Budget, Allocation Down By 6%

Union Budget 2024: Delhi Police has been allocated Rs 11,400.81 crore in the Union Budget 2024-25, a decrease of six per cent from the last fiscal.

For the financial year 2023-2024, the budget allocated to Delhi Police was Rs 11,932.03 crore (4.45 per cent decrease). However, the allocation was was later revised to Rs 12,128.83 crore (6 per cent).

The allocated funds for the city's police force will be used for routine expenses as well as for various schemes to be implemented by the Delhi Police such as developing a model traffic system and communication networks in the NCR region.

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for 2024-25 in Parliament.

Jul 23, 2024 16:24 (IST)

Budget 2024: How To Calculate Long-Term And Short-Term Capital Gains After Tax Hike

The Union Budget for 2024-25 has introduced a significant capital gains tax regime adjustment. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman said, "A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital gains taxation."

Long-term financial assets have been listed and held for more than a year. To be considered long-term, all non-financial assets and unlisted financial assets must be held for a minimum of two years. Regardless of the holding period, unlisted bonds, debentures, debt mutual funds and market-linked debentures will be subject to capital gains tax at the applicable rates.

Long-term capital gains tax (LTCG): The tax on long-term capital gains has been increased from the existing 10 per cent to 12.5 per cent for both financial and non-financial assets. "For the benefit of the lower and middle-income classes, I propose to increase the limit of exemption of capital gains on certain financial assets to Rs 1.25 lakh per year," said Ms Sitharaman.

Jul 23, 2024 16:06 (IST)

Union Budget 2024: Chandrababu Naidu Reacts After Andhra Pradesh Gets "Special Allocations"

Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday thanked the Central government for recognising the needs of the state in the Union Budget for fiscal 2024-25 by focusing on the capital city, Polavaram project, industrial nodes and development of backward areas.

Tabling the Union Budget, Finance Minister Nirmala Sitharaman promised to arrange Rs 15,000 crore as special financial support for a capital city, "full commitment" to the Polavaram project, and funds for infrastructure and backward areas.

Jul 23, 2024 16:02 (IST)

Jul 23, 2024 15:59 (IST)

Union Budget 2024: 'Budget For Consistency, Predictability And Stability': Amitabh Kant To NDTV

This year's Union Budget is an outstanding one, has something for everyone and has been prepared keeping the long-term growth of the country in mind, India's G20 Sherpa Amitabh Kant has told NDTV.

In an exclusive conversation on Tuesday, Mr Kant said predictability, consistency and stability are the hallmarks of a good government and all of these things are in evidence in the Budget for 2024-25, which was presented by Finance Minister Nirmala Sitharaman.

Jul 23, 2024 15:58 (IST)

Taxpayers Must Show Home Rent Income Under 'Income From House Property' In IT Returns: Centre

Union Budget 2024: All rental income of individual taxpayers from residential properties will be charged under the head 'income from house property' and not as income from business or profession, according to the Budget document.

The clarification has been introduced in the finance bill 2024 as several individuals were showing rental incomes under the 'profits and gains of business or profession' to reduce tax liabilities.

"It is proposed that income from letting out of a house or part of the house by the owner, shall not be charged under the head 'profits and gains of business or profession' and will be chargeable to tax under the head 'income from house property' only," Finance Minister Nirmala Sitharaman in her budget speech.

Elaborating in the Budget document, the government mentioned that Section 28 of the Act specifies kinds of income that shall be chargeable to income tax under the head 'Profits and gains of business or profession'.

Jul 23, 2024 15:55 (IST)

Union Budget 2024 - Income Tax Slabs, Capital Gains: Changes Announced In Budget 2024

Finance Minister Nirmala Sitharaman today presented the government's first budget after the recently concluded Lok Sabha Elections. The Union Budget 2024 proposes a slew of changes in taxation policies - from giving income tax relief to some to boost spending to rationalising the capital gains tax rate and holding period of various assets.

Jul 23, 2024 15:54 (IST)

Union Budget 2024: How Government Earns, Where It Spends, Nirmala Sitharaman Explains

The total receipts for fiscal 2025 other than borrowings come to an estimated Rs 32.07 lakh crore, Union Finance Minister Nirmala Sitharaman said in her Budget presentation today. The government's total expenditure comes to Rs 48.21 lakh crore, she said.

The net tax receipts were approximately Rs 25.83 lakh crore, while the fiscal deficit is estimated at 4.9 per cent of the gross domestic product (GDP), the Finance Minister said.

Jul 23, 2024 15:53 (IST)

Union Budget 2024: Tax Slabs Changed, How Much Will You Pay With Rs 10 Lakh Annual Income?

Earlier, a salaried employee earning Rs 10 lakh per annum was supposed to pay an income tax of roughly Rs 52,500 under the new regime. Under the revised tax slabs in the new tax regime, he/she will have to pay around Rs 42,500.

Jul 23, 2024 15:44 (IST)

Budget 2024 Live: Nirmala Sitharaman On Budget

There has been a consistent effort to relax FDI. Further simplification, if necessary, on FDI policy will be taken up, says Finance Minister Nirmala Sitharaman

Jul 23, 2024 15:36 (IST)

Budget 2024 Live: Nirmala Sitharaman On Budget

Can't say whether there will be a sunset on the old tax regime, says Finance Minister Nirmala Sitharaman

Jul 23, 2024 15:32 (IST)

Budget 2024 Live: Nirmala Sitharaman On Budget
Our constant effort is to simplify the tax regime. The new tax regime itself is an effort towards achieving that, says Finance Minister Nirmala Sitharaman

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