‍Budget 2024 Income Tax: Direct tax collections have more than trebled

“Over the last ten years, the direct tax collections have more than trebled and the return filers swelled to 2.4 times.I would like to assure the taxpayers that their contributions have been used wisely for the development of the country and welfare of its people. I appreciate the taxpayers for their support.”, FM Nirmala Sitharaman said.

Budget 2024 Income Tax: Income tax Slabs for 2024-25

FM Nirmala Sitharaman has not announced any changes in the income tax slabs or income tax rates for 2024-25. 

Here are the existing tax rates under both the regimes for FY25, unless any changes are announced in the full year Budget in July.

Key Interim Budget Announcements - 2024

On February 1, 2024, FM Niramala Sitharaman announced the Interim Budget 2024. Here are the key Interim Budget announcements - 2024.

1. New solar power schemes launched by PM Modi recently would lead to savings of INR15,000-18,000 per household annually who install roof top solar panels. 1cr househols will be enabled to get 300 units per month fully free.

2. PM Awas Yojana Gramin Close to achieving the target of 3 cr homes; 2 cr more homes planned due to growing need.

3. Ayushmaan Bharat to cover all workers under ASHA  and Anganwadi scheme.

4. Government to launch a scheme to help deserving sections of the middle class living in rented houses or slums or chawls and unauthorised colonies to buy or build their own houses - Likely positive for Steel, Cement and Building material.

5. Corpus of 1 lakh crore to be established with 50 year interest free loans for sunrise domains.
   
6. Railway corridor-port connectivity under DFC - More than 2 corridors to be set up. Also, 3 more rail corridors for Energy, cement and mineral to be added, apart from DFC.
   
7. 40,000 rail bogies to be converted to Vande bharat standards.

8. The capex target of FY25 has been set at Rs 11.1 lakh crore, up by 11.1%. FY25 capex outlay at 3.4% of GDP.

9. Govt plans to set up more medical colleges by using existing hospital infrastructure and a committee for this will be set up to examine and make necessary recommendations.
10. Tourist centre development - states to be encouraged to take up development of tourist centres- long term interest free loans to provided for states
11. More metro trains & namo bharat trains to be expanded to more cities.
12. Revised estimate of fiscal deficit is 5.8% of GDP. FY25 BUDGET-DEFICIT TARGET AT 5.1% OF GDP

Allocation for Specific Ministries

1. Budget 2024 Key Highlights LIVE: Here’s a list of money allocated to specific ministries:

2. Ministry of Defence: ₹6.2 lakh crore

3. Ministry of Road Transport and Highways: ₹2.78 lakh crore

4. Ministry of Railways: ₹2.55 lakh crore

5. Ministry of Consumer Affairs, Food & Public Distribution: ₹2.13 lakh crore

6. Ministry of Home Affairs: ₹2.03 lakh crore

7. Ministry of Rural Development: ₹1.77 lakh crore

8. Ministry of Chemicals and Fertilizers: ₹1.68 lakh crore

9. Ministry of Communications: ₹1.37 lakh crore

10. Ministry of Agriculture and Farmer’s Welfare: ₹1.27 lakh crore

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