image source : BUDGET2024

What are the key features of budgets 2024

Main key features of budgets 2024

Tax reforms:

The finance minister proposed a new tax structure in this 2024 budgets with no tax for income up to Rs 5 lakh, 10% for income between Rs 5-10 lakh, 15% for income between Rs 10-15 lakh, 20% for income between Rs 15-20 lakh, 25% for income between Rs 20-25 lakh, 30% for income between Rs 25-30 lakh, 35% for income between Rs 30-35 lakh, 40% for income between Rs 35-40 lakh, 45% for income between Rs 40-45 lakh, and 50% for income above Rs 45 lakh. She also announced a simplified one-page tax return form and a faceless assessment system.

key features of budgets 2024

FDI boost:

The finance minister announced in this 2024 budgets that the government will increase the foreign direct investment (FDI) limit in insurance from 49% to 74%, allowing foreign ownership and control with safeguards. She also said that the government will ease FDI norms in sectors such as aviation, media, animation, and single-brand retail.

EV push:

The finance minister announced a slew of incentives for electric vehicles (EVs), such as a reduction in GST from 12% to 5%, an additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase EVs, and a scrappage policy for old and polluting vehicles. She also said that the government will set up a National Hydrogen Mission to promote green hydrogen production and usage.

Tourism boost:

The finance minister announced that the government will develop five iconic tourism destinations in India, such as Hampi, Ajanta-Ellora, Khajuraho, Bodh Gaya, and Lakshadweep. She also said that the government will launch a new scheme to provide financial assistance to registered tourist guides and travel agencies.

Healthcare spending:

The finance minister announced that the government will increase the healthcare spending by 137% to Rs 2.23 lakh crore, which includes Rs 35,000 crore for Covid-19 vaccination. She also said that the government will launch a new centrally sponsored scheme called PM Atmanirbhar Swasth Bharat Yojana with an outlay of Rs 64,180 crore over six years to strengthen primary, secondary, and tertiary healthcare systems.

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