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Budget 2024 – Customs duty on mobile phones, chargers and more reduced
- The
Budget 2024-25 was tabled today by Finance Minister Nirmala Sitharaman. - The budget has proposed a reduction in BCD for mobile phones, chargers and mobile PCBA.
- The reduction in BCD is expected to bring down the cost of imported mobile phones.
BUDGET 2024 NEWS & UPDATES
About 6 cr ITRs filed for FY24; 70% under new tax regime
Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime.
Ira Alok Puranik
Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary
Malhotra explained the government's rationale behind this proviso, noting that buyback does not fundamentally alter the company's capital structure, and like dividend distribution, is a way for the company to give out its surplus
Removal of indexation benefit will lead to huge inflow of black money in real estate: Raghav Chadha
Asking the government to roll back the proposal, Chadha, while taking part in the discussion on the Union Budget 2024-25, said people will never be able to buy their "dream homes".
First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary
The exercise is not linked to bringing a new direct taxes code, but a comprehensive review of the income tax law.
Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA
The Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on shrimp production and export.
Discussions on Union Budget, Budget for Jammu and Kashmir to continue in Parliament today
Union Minister Gajendra Singh Shekhawat, Jitendra Singh, Arjun Ram Meghwal and Kirtivardhan Singh will lay papers on the table today.
Sourabh Jain,Ira Alok Puranik,Deekshith Pinto
Budget 2024-25: New tax regime sweetened by FM, hikes standard deduction to Rs 75,000
More than two-thirds of taxpayers have availed of the new Income Tax regime, as per Nirmala Sitharaman. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually.
"Outrageous allegation!": Nirmala Sitharaman reacts to opposition protesting budget, labeling it 'discriminatory'
"I would challenge the Congress party that for all the budget speeches they have delivered. Have they named every state of the country in each of their budget speeches. This is an outrageous allegation," the Finance Minister said.
Majority of taxpayers to have substantial tax savings due to reduction of long term capital gains on real estate: IT Dept
The Budget has reduced tax rates on capital gains earned from sale of house properties held for long term.
Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today
The discussion over these two budgets is expected to start in the second half of the day.
Ankush Banerjee
Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!
The new Union Budget focuses on energy security with free electricity, nuclear advancements, and green initiatives, propelling India towards a sustainable future.
Ashmita Gupta
From ‘Copycat’ to ‘Kursi Bachao Budget' — Here’s what Rahul and other Congress leaders had to say about Budget 2024
Congress alleges BJP copied ideas from their manifesto for Budget 2024, sparking a heated debate on fiscal policies.
Sourabh Jain
Budget 2024 – Customs duty on mobile phones, chargers and more reduced
Finance Minister Nirmala Sitharaman today presented the Union Budget 2024-25 in the parliament, unveiling the budget for the fiscal year 2024-25. This is the first budget in the third term of the Narendra Modi-led government. In a boost to the smartphone industry, the government has announced a reduction in basic customs duty (BCD) on mobile phones, mobile phone chargers and mobile PCBA.
Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts
According to the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total capital expenditure is Rs 11,11,111 crore.
Budget 2024-25: Drinking water and sanitation dept gets a mere 0.5% boost
The Department of Drinking Water and Sanitation has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025.
Here's what will get cheaper and costlier after this Budget
One aspect that always garners much traction on the Budget day is what got cheaper and what got costlier. Finance Minister Nirmala Sitharaman as part of her Budget presentation proposed a host of tweaks in basic customs duty (BCD) for various products or items that are critical for manufacturing.
Ira Alok Puranik
Union Budget 2024: More for new additions in workforce, internship in top 500 companies
In order to promote upskilling, the budget also promised loans of up to Rs 7.5 lakh, which will be backed by government' guarantee. It is estimated that this will benefit 25,000 students every year.
Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget
The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore.
Fund allocations to key sectors and schemes hiked in budget
The revenue to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and GST along with other taxes accounts for 18 per cent.
Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme
With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for rural development and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost economic growth.
Budget 2024-25: Govt announces transit-oriented development plan for large cities
The government on Tuesday proposed a transit-oriented development plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities.
Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year
This increase is primarily focused on enhancing welfare programmes for marginalised communities and improving infrastructure for social services.
FM announces credit guarantee scheme, other measures for MSMEs
The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities.
Khelo India once again gets lion's share in Union Budget for sports
Khelo India, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union budget for the sports ministry as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday.
BI India Bureau
What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?
With a desire to turn focus on farmers, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors.
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