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Budget Announcements 2024-25 - Quick go

CSSwati Rawat
2024-25 Budget Promotes Urban Growth, Economic Reforms; Highlights Include Tax Adjustments, Women's Property Incentives, Street Food Hubs The 2024-25 budget focuses on urban development and economic reforms. Key proposals include encouraging states to reduce stamp duties for properties bought by women and developing 100 street food hubs in select cities. Transit-oriented development and water management projects are planned for large cities. Financial measures include a 20% TDS on mutual fund repurchases, increased STT on futures and options, and a 12.5% tax on long-term capital gains. Duties on telecom equipment will rise, while those on mobile components will decrease. The budget also emphasizes GST rationalization, support for education loans, job creation, and women's workforce participation. (AI Summary)

Budget Announcements for Urban development:

  • Stamp Duty - Motivating states to lower stamp duties for properties purchased by women
  • Local/Street Markets - Visualizing a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities
  • Transit Oriented Development - Transit Oriented Development plans for 14 large cities with a population above 30 lakh
  • Water Management - Water supply improvement plans, sewage treatment and solid waste management projects and services for 100 large cities through lucarative projects

Financial and Economic Proposals:

  • 20% TDS on repurchase by MF or UTI withdrawn.

  • Hike in STT on F&Os - Increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.

  • Long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

  • Proposal to increase the duty on printed circuit board assemblies (PCBA) for specific telecom equipment by 10 to 15%.

  • Reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.

  • To enhance the benefits of GST Rationalize the tax structure.

  • NPS for minors - NPS Vatsalya programme is made available for parents to invest in on behalf of their children.

  • 12 industrial parks will be sanctioned.

  • Rs 26,000-cr to boost up road connectivity projects.

  • Increasing the participation of women in the workforce will be a priority.

  • Financial support for loans up to Rs 10 lakh for higher education.

  • Job creation in the manufacturing sector – Incentive scheme linked to the employment of first-time employees.

Budget - Tax Proposals
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