Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 during the Monsoon Session of Parliament. She made history by being the first finance minister to present seven consecutive budgets.
In her latest budget, Sitharaman focused on boosting economic growth and creating job opportunities. She highlighted plans to improve agriculture, create jobs, enhance skills, and support small businesses.
Here’s what the budget includes for salaried workers and job seekers:
- Increased Standard Deduction: For those using the new income tax rules, the standard deduction (a flat amount deducted from salary before tax is calculated) has been raised from ₹50,000 to ₹75,000.
- New Income Tax Slabs: The budget introduced new income tax rates:
- Up to ₹3 lakh: 0%
- ₹3 lakh to ₹7 lakh: 5%
- ₹7 lakh to ₹10 lakh: 10%
- ₹10 lakh to ₹12 lakh: 15%
- ₹12 lakh to ₹15 lakh: 20%
- Above ₹15 lakh: 30% This could save salaried employees up to ₹17,500 in taxes.
- Higher Family Pension Deduction: The deduction for family pensions is increased from ₹15,000 to ₹25,000, helping around 4 crore pensioners and salaried individuals.
- One Month Wage for New Employees: New workers in formal sectors will get one month’s salary (up to ₹15,000) transferred directly to their accounts, as part of their provident fund. This aims to benefit 21 million young people.
- Internship Scheme: The government will offer internships in 500 top companies to 10 million young people over five years. Interns will get ₹5,000 a month and a one-time ₹6,000 assistance. Companies will cover training costs and part of the internship expenses through their CSR funds.
