Union Budget Modi 3.0 - Top 5 Points for Salaried and Job Seekers

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Union Budget 2024: Top 5 Takeaways for Employees and Job Seekers

Budget 2024: Nirmala Sitharaman presented the Union Budget for 2024-25 during the Budget session of Parliament on Tuesday.


Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 during the Monsoon Session of Parliament on Tuesday. Nirmala Sitharaman has become the first Finance Minister to deliver seven consecutive Budget speeches, surpassing the record held by former Prime Minister Morarji Desai, who delivered six consecutive Budget speeches as Finance Minister from 1959 to 1964. , employees and job seekers.


Increase in standard deduction

Finance Minister Nirmala Sitharaman, in her Budget, announced an increase in the standard deduction for employees under the new income tax regime from Rs 50,000 to Rs 75,000, i.e. an increase of 50%.

Standard deduction is a fixed amount deducted from an employee's gross salary for the year before the applicable income tax rate is calculated.


Surprisingly, no changes have been announced regarding the basic deduction under the old tax regime.


New Income Tax Bands

In her budget speech, Nirmala Sitharaman also announced relaxations in income tax bands under the new tax regime for the current financial year.


The new income limit levels announced are as follows:

4 to 3 LAKH ₹: 0%

3 to 7 LAKH ₹: 5%

7 LAKH to 10 LAKH ₹: 10%

10 LAKH to 12 LAKH ₹: 15%

Up to 12 Lakh: 20%

Above 15 Lakh: 30%


"As a result of these changes, employees will be able to save up to Rs 17,500 in income tax under the new tax regime," it said.


Increase in tax deduction for family pensions

Sitharaman also announced plans to increase family pension deduction to improve the financial security of employees and pensioners.

Under the new tax regime, the deduction will be increased from Rs 15,000 to Rs 25,000.


"Family pension deduction for pensioners will be increased from Rs 15,000 to Rs 25,000," the finance minister said, adding that the measure will provide relief to around 40 million employees and pensioners.


One month's salary to every new entrant in the formal sector


Prime Minister Nirmala Sitharaman also announced that the government will pay one month's salary to every new entrant in the formal sector. The finance minister said the government will directly transfer the amount to the employees as a contribution to the provident fund.


"...one month's salary to every new entrant in every formal sector. "Direct transfer of one month's salary in three instalments to first-time employees enrolled with EPFO ​​will be up to Rs 15,000. The upper limit of eligibility is a monthly salary of Rs 10 lakh. The scheme will benefit 21 crore youth," the finance minister said while presenting the budget.

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