The Budget for the financial year 2024-25, as presented by Finance Minister Nirmala Sitharaman, introduces significant changes aimed at streamlining taxation processes and boosting economic growth. This analysis explores the major announcements and their implications for various sectors including taxation, employment, MSMEs, and infrastructure development.
Overview of Budget 2024
The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, serves as a comprehensive financial blueprint aimed at steering India towards healthy economic growth and greater socio-economic equity. This budget marks a crucially turn towards enhancing the efficiency of resource allocation and improving the overall financial health of the nation among global economic uncertainties.
The budget summarize major reforms aimed at enhancing infrastructure, boosting the MSME sector, and ensuring financial stability. It projects a fiscal deficit reduction to 4.5% by FY2025, highlighting government’s commitment towards economic merging.
Changes in Tax Slabs
One of the standout features of this budget is the revision of the income tax slabs, intended to provide relief to middle-class taxpayers and stimulate consumer spending. These changes are likely to affect disposable incomes and consumer behavior.
| Income Slab | Tax Rate |
|---|---|
| 0-3 Lakh | 0 % |
| 3-7 Lakh | 5 % |
| 7-10 Lakh | 10 % |
| 10-12 Lakh | 15 % |
| 12-15 Lakh | 20 % |
| More Than 15 Lakh | 30 % |
Budget 2024 : Latest Income Tax slab
The revised income tax slabs introduced in Budget 2024 represent a significant shift towards a more equitable, simplified, and growth-oriented tax policy. These changes reflect the government’s commitment to fostering economic resilience and ensuring a fair taxation system that supports the financial well-being of all citizens
