Union Budget 2024-25: Key Highlights Unveiled

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, introducing measures like increased standard deductions, revised tax slabs, and exemptions on certain cancer drugs. Customs duties on tech components were reduced, and significant tax reforms were announced to boost startups and corporate investment.

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Lok Sabha on Tuesday, highlighting numerous tax reforms and fiscal policies aimed at boosting the economy. The standard deduction in the new tax regime has been hiked to Rs 75,000 from Rs 50,000, and the deduction on family pension for pensioners raised from Rs 15,000 to Rs 25,000.

Tax slabs under the new tax regime were adjusted, with 5% for income between Rs 3-7 lakh, 10% for Rs 7-10 lakh, and 15% for Rs 10-12 lakh. Salaried employees stand to save up to Rs 17,500 in income tax. Three cancer drugs have been fully exempted from custom duty, and customs duties on tech components like mobile phones and chargers were reduced to 15%.

Other notable measures include the abolition of angel tax for all classes of investors, a reduction in corporate tax rate for foreign companies, and the introduction of the Vivad Se Vishwas Scheme 2024 for resolving income tax disputes. The budget also allocates significant financial support for agriculture, irrigation, and flood mitigation projects.

(With inputs from agencies.)