New Delhi: On Tuesday, July 23, In her one hour and twenty-three-minute budget statement today, Union Budget 2024 Finance Minister Nirmala Sitharaman unveiled unique nine-point projects designed with young impoverished women and annadatas in mind. Taxpayers who choose to use the new tax system have also received a little respite. Numerous programs were also planned for the youngsters and students. The Union Budget 2024's top 12 highlights are as follows:

Finance Minister Nirmala Sitharaman unveiled her seventh budget. During her one hour and twenty-three-minute budget address, Sitharaman unveiled unique nine-point initiatives designed with the needs of women, youth, and annadatas in mind. Andhra Pradesh received Rs. 15,000 crore, whereas Bihar received Rs. 58.9 thousand crore. Taxpayers who choose to use the new tax system have also received a little respite.

Highlights of the Union Budget 2024:

1. alterations to tax slabs

In her budget statement, Finance Minister Nirmala Sitharaman suggested a new tax structure. There has been a modification in the tax slab in addition to the standard deduction. The revised tax slab rate now reflects this modification. Taxes on income beyond Rs 15 lakh are thirty percent.

New tax brackets in the new framework

* 0–3 lakh will pay no taxes.

* 5% tax is applied on income over Rs 3 lakh and Rs 7 lakh.

* 10% tax is applied on income over Rs. 7 lakh and Rs. 10 lakh.

* 15% tax is applied on income over Rs. 10 lakh and Rs. 12 lakh.

* 20% tax is applied on income over Rs. 12 lakh and Rs. 15 lakh.

* Taxes on income beyond Rs 15 lakh are thirty percent.
 

2. Giving farmers more consideration

The agricultural and related industries have been given Rs. 1.52 lakh crore in the Union Budget 2024. The land register will include farmers. There will be five states where new Kisan credit cards are issued. Furthermore, details of six crore 

3. women and children

Plans benefitting women and girls have been allocated three lakh billion rupees. Hostels and kid-friendly residences will also be constructed for employed women.

4. Youth

Two lakh crore rupees have been set out in the Union Budget 2024 for five programmes aimed at helping young people find work and develop their skills.

Discount on school loan: A discount of more than Rs 10 lakh would be granted to those who do not receive any benefits from government programs. Up to 3% of the loan amount will come from the government. 

* Internships at elite businesses: 500 of the best businesses will use this to start a program that will provide one crore young people access to internship opportunities. An honorarium of Rs 5000 per month and a one-time grant of Rs 6000 would be provided under this plan.

 * For new hires: If a young person's initial pay is less than one lakh rupees, EPFO will pay fifteen thousand rupees to them in three payments.

* The Mudra Yojana loan amount was raised from Rs 10 lakh to Rs 20 lakh.

5. How about the service industry?

The budget will support government initiatives that benefit the private sector. Through the National Company Law Tribunal, a provision of Rs 3.3 lakh crore has also been provided for firms. There will be more tribunals established to settle conflicts. There will also be more tribunals established for rehabilitation. A unique revitalization strategy for cities has been announced.

6.How much does it cost?

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7. Consolation for paid staff members

Income up to Rs 3.75 lakh is tax-free under the new tax system, with a bonus of Rs 17.5 thousand. Additionally, the family pension's tax exemption has been raised from 15,000 to $25,000. 

8. Amount allotted to support renewable energy

The Indian government is pushing toward net-zero emissions and the use of renewable energy to counteract the consequences of climate change. One crore families would receive free power up to 300 units per month under the initiative.

9. Special Assistance for Andhra Pradesh and Bihar

Andhra Pradesh received Rs 15,000 crore, while Bihar received Rs 58.9 thousand crore. Additionally, he unveiled particular plans for the development of infrastructure in West Bengal, Bihar, Jharkhand, Odisha, and Andhra Pradesh.

10. A pucca home will be given to the needy

Three crore dwellings will be constructed for middle-class and impoverished households as part of the PM Awas Yojana. For this purpose, Rs. 10 crore has been set aside. Additionally, regulations to support rental housing will be established.

11. Defense budget is about the same as the interim budget

The budget for expenditures went toward providing Rs 6,21,940 crore to the military forces of the nation. Just Rs 400 crore, or 0.064% more, is included in this amount than was proposed in the interim budget six months prior. This time, the budget for defense accounts for 12.9% of the total. It was around 13% the previous year. Finance Minister Sitharaman referenced defense twice in a speech that spanned 14717 words, but he did not mention the Agniveer Yojana by name.

12. There is still marketing of tourism

The construction of the Mahabodhi and Vishnupad temple corridors is planned for Bihar. The development of Nalanda University as a tourism hub is planned.

13. How much money has the education sector been given?

Finance Minister Sitharaman included Rs 1.48 lakh crore in the budget to support employment, skill development, and education.