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Income tax changes and important information in Union Budget 2024

Every year, 1st February is a very important day because on this day the Finance Minister presents the annual budget in the Parliament. Like every year, on February 1, 2024, Finance Minister Nirmala Sitharaman also presented the interim budget because general elections are going to be held in the country between March and June this year. After the elections, the new government will present the total budget for the financial year 2024-2025 in the month of July.

Due to general elections being held this year, there were high hopes for exemption in income tax for salary, professional and businessmen. Every year in the budget there was something or the other for every section but this year Finance Minister Nirmla Sitaraman avoided big announcements.
Let us know in detail the important details related to some of the announcements made in the 2024 interim budget through this article.

This time the budget given has been fixed at Rs 6.2 lakh crore and if seen, compared to all the ministries, the highest budget has been allocated to defence, which is slightly more than last time. If we go to specific numbers, there has been an increase of Rs 26000 crore.

Income Tax

The common man, businessmen and corporate businesses were expecting some relief in income tax from the government but no change has been made in the tax rates.

Defense budget allocation

For the year 2024-25, four major schemes have been launched by the Government of India in defence, in which Rs 1697 crore has been allocated for the projects of the Indian Air Force. Apart from this, Rs 4778 crore has been given to the Navy for the purchase of aircraft and engines, two schemes have also been given for which Rs 23800 crore has been allocated. Rs 6830 crore has been allocated for naval projects.

Big announcement for ex-serviceman

In this defense budget, special attention has been given to the ex-servicemen and the defense budget has been increased to Rs 1.41 lakh crore and the government has focused more on the ex-servicemen welfare schemes so that better facilities can be provided to the ex-servicemen.

Railway Corridor Program

Railway Economic Corridor is important among the schemes announced by the government. Under PM Gati Shakti Yojana, three big rail corridors will be built in the country. Use of these corridors will increase logistics efficiency which will also reduce the cost of moving the mall from one place to another.

Aviation industry

Under the UDAN scheme, the number of airports in the country will be doubled in the next 10 years. New air routes will also be developed under the UDAN scheme.

Green energy

  • Solar panels will also be installed on the rooftops of 1 crore houses which will generate 300 units of free electricity every month. The use of CNG, PNG and biogas will be expanded.
  • Financial support will be provided for biomass aggregation machinery. Apart from this, e-buses and electric vehicles will also be promoted.
  • Facilities for charging and manufacturing of E-vehicles will be promoted.
  • Rs 600 crore will be spent by the government on the National Green Hydrogen Mission Scheme.

Dairy Development and Agriculture Budget

Finance Minister Nirmala Sitharaman has announced a plan to promote the dairy industry that the government will develop infrastructure for dairy processing and husbandry this year. Apart from this, emphasis has also been laid on whole seed production so that self-reliance can be achieved.

Cervical cancer vaccine

A plan has been brought to accelerate vaccination programs to eliminate cervical cancer. A scheme to introduce vaccine to prevent cervical cancer will be implemented.

Tourism

The government will help in developing important tourist places so that employment and development can be promoted to the youth of that area. Interest free loans will be given to promote this long term development.

PM Awas Yojana

Under PM Awas Yojana, the government will provide additional houses in the next few years and Housing for Middle Class Scheme has been brought to help the middle class to buy or build their new house.

Research and Development

The government will spend Rs 2385 crore on research and development, which has been increased compared to last year. DRDO will be able to promote new startups and private participation by promoting defense startup companies and using technology development fund.

These were some special things mentioned in the budget. Install Fouji Adda App for Defense Welfare News.

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