Today, On 23rd July, Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, her seventh consecutive budget, surpassing Morarji Desai’s record of six. Before heading to Parliament, she met President Droupadi Murmu.
New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 today, making it her seventh consecutive budget and surpassing Morarji Desai‘s record of six. Prior to presenting the budget, she met with President Droupadi Murmu.
In her post-budget speech, Sitharaman expressed gratitude to the Indian public for their ongoing trust in Prime Minister Narendra Modi, who has secured an unprecedented third term. The new budget emphasizes revamping the income tax system and enhancing the ease of doing business in India.
During her Budget speech, Finance Minister Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961, with the goal of reducing disputes and litigation.
She stated,
“I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months”
Finance Minister Nirmala Sitharaman unveiled several key proposals, including reducing customs duties on gold and silver to 6 percent and on platinum to 6.5 percent.
Additionally, she announced that the Basic Customs Duty (BCD) on mobile phones, mobile printed circuit boards (PCBs), and mobile chargers will be lowered to 15 percent.
Sitharaman stated,
“TDS rate on e-commerce operators will be reduced from 1 percent to 0.1 percent,”
She also proposed merging the two tax exemption regimes for charities and announced the decriminalization of TDS delays up to the tax filing date.
In her speech, Sitharaman highlighted,
“The monetary limit for filing tax appeals has been increased to Rs. 60 lakhs for ITAT, Rs.2 crores for High Courts, and Rs.5 crores for the Supreme Court.”
Furthermore, a significant announcement for investors was the elimination of the Angel tax for all classes of investors.
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In her speech, Sitharaman presented the Modi 3.0 roadmap, aimed at transforming India into ‘Viksit Bharat’ by 2047.
She stated,
“The 2024 Union Budget will set the path for those of the future.”
The 2024 Budget also aims to expand the tax base by increasing the Securities Transactions Tax on futures and options of securities.