interim budget 2024 finance minister nirmala sitharaman what became costlier and cheaper rjv
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Main points related to the interim budget for the financial year 2024-25
Finance Minister Nirmala Sitharaman presented the interim budget for the financial year 2024-25 on Thursday. Its main points are as follows-
Capital expenditure for infrastructure development was increased by 11.1 percent to Rs 11.11 lakh crore. This will be 3.4 percent of the gross domestic product (GDP).
The existing rates of direct and indirect taxes were retained. During the last 10 years, direct tax collections tripled and the number of returnees increased 2.4 times.
The outstanding direct tax demand up to Rs 25,000 for the period up to financial year 2009-10 will be withdrawn. The outstanding direct tax demand up to Rs 10,000 from financial year 2010-11 to 2014-15 will be withdrawn.
Tax benefits for startups investing in public wealth funds or pension funds extended till 31.03.2025.
Tax concession on certain income of IFSC units extended by one year from 31.03.2024 to 31.03.2025.
The turnover limit for presumptive taxation of retail businesses was increased from Rs 2 crore to Rs 3 crore.
The presumptive taxation limit for professionals was increased from Rs 50 lakh to Rs 75 lakh.
The corporate income tax rate for existing domestic companies was reduced from 30 percent to 22 percent.
The corporate income tax rate for new companies in the manufacturing sector was increased to 15 percent.
In the financial year 2024-25, total receipts and total expenditure, excluding borrowings, are estimated to be Rs 30.80 lakh crore and Rs 47.66 lakh crore respectively. Tax receipts likely to be Rs 26.02 lakh crore.
Fiscal deficit is estimated to be 5.1 percent of GDP in the financial year 2024-25.
Gross and net market borrowings through dated securities are estimated to be Rs 14.13 lakh crore and Rs 11.75 lakh crore respectively during the financial year 2024-25.
A fund of Rs 1 lakh crore will be set up with a 50-year interest free loan. Long-term financing or refinancing from the Fund will be provided at low or zero interest rates.
Under PM-Awas Yojana (Rural), a target of two crore additional houses will be taken in the next five years.
By installing rooftop solar system, one crore families will get up to 300 units of free electricity every month.
Under the Ayushman Bharat scheme, all Asha workers, Anganwadi workers and assistants will also be included in health care protection.
Three major economic rail corridor programs have been identified under PM Gatishakti.
40,000 general railway coaches will be converted to ‘Vande Bharat’ standards.
Coal gasification and liquefaction capacity of 100 metric tons will be established by the year 2030.
Proposal for provision of Rs 75,000 crore in the form of 50 years interest free loan for various infrastructure improvements by the State Governments.
The 50-year interest-free loan scheme for capital expenditure of states will be continued this year also with a total outlay of Rs 1.3 lakh crore. (with language input)
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