Budget News

​More than two-thirds of taxpayers have availed of the new Income Tax regime, as per Nirmala Sitharaman. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually.

"I would challenge the Congress party that for all the budget speeches they have delivered. Have they named every state of the country in each of their budget speeches. This is an outrageous allegation," the Finance Minister said.

The discussion over these two budgets is expected to start in the second half of the day.

The new Union Budget focuses on energy security with free electricity, nuclear advancements, and green initiatives, propelling India towards a sustainable future.

Congress alleges BJP copied ideas from their manifesto for Budget 2024, sparking a heated debate on fiscal policies.

Finance Minister Nirmala Sitharaman today presented the Union Budget 2024-25 in the parliament, unveiling the budget for the fiscal year 2024-25. This is the first budget in the third term of the Narendra Modi-led government. In a boost to the smartphone industry, the government has announced a reduction in basic customs duty (BCD) on mobile phones, mobile phone chargers and mobile PCBA.

According to the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total capital expenditure is Rs 11,11,111 crore.

The Department of Drinking Water and Sanitation has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025.

One aspect that always garners much traction on the Budget day is what got cheaper and what got costlier. Finance Minister Nirmala Sitharaman as part of her Budget presentation proposed a host of tweaks in basic customs duty (BCD) for various products or items that are critical for manufacturing.

The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore.

The revenue to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and GST along with other taxes accounts for 18 per cent.

With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for rural development and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost economic growth.

The government on Tuesday proposed a transit-oriented development plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities.

This increase is primarily focused on enhancing welfare programmes for marginalised communities and improving infrastructure for social services.

The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities.

Khelo India, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union budget for the sports ministry as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday.

Finance Minister Nirmala Sitharaman today announced the Union Budget 2024-25, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the focus was on income tax changes, several other announcements have been made that are expected to change the prices of some products, either making them cheaper or dearer for consumers.

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Sitharaman said, "With a three fold increase in the domestic production and almost a 100-fold jump in exports of mobile phones over the last 6 years, the Indian mobile industry has matured. In the interest of consumers I now propose to reduce the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Board Assembly (PCBA) and mobile charger to 15 per cent."

Finance Minister Nirmala Sitharaman on Tuesday announced abolishing angel tax for all classes of investors in startups. In her Budget speech, she als...