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Wednesday, July 24, 2024

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

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.

Union Budget: Modi 3.0 - Shows It Has Been Quick Learner from Lok Sabha Polls on Youth & Coalition Politics

Union Budget: BJP Shows It Has Been Quick to Learn Lessons from Lok Sabha Polls on Youth, Coalition Politics

Top JD(U) and TDP leaders while speaking with News Channels expressed full satisfaction with the budget.

The 62-page speech of finance minister Nirmala Sitharaman on the union budget made it clear that the Bharatiya Janata Party has been quick to learn lessons from the Lok Sabha elections and adapt to coalition politics.

The clear focus on the youth and jobs, and Andhra Pradesh and Bihar make it apparent that the BJP has decided to take head-on the issue of unemployment, which seemed to have pushed the young voters away from it in the general elections and hurt the party’s prospects. Though the Congress may say that BJP has taken a leaf out of its manifesto to offer “employment-linked incentives” and an “apprentice scheme”, the Narendra Modi government is reaching out to the youth which seemed to be gravitating towards the opposition camp, especially after the NEET paper leak issue.

“The budget is about jobs, jobs, and jobs for the youth,” BJP MP and party Yuva Morcha chief Tejasvi Surya told News channels

Budget contributions to Bihar and Andhra

The ruling Bharatiya Janata Party has also unashamedly accommodated the wishes of its two main allies, the Janata Dal (United) and the Telugu Desam Party. Sitharaman made special mention of the "special assistance" given to both Andhra Pradesh and Bihar in this budget, amounting to several crores. Opposition parties were quick to label it the "NDA-Jodh Budget" and the "Andhra-Bihar Budget", but both Bharatiya Janata Party's main allies were enthusiastic.

This addresses the cynicism of many who fear that Narendra Modi is incapable of leading a coalition government and that N. Chandrababu Naidu and Nitish Kumar will eventually step down. This budget has settled that debate. Naidu and Kumar are perfectly happy. And the Bharatiya Janata Party can claim that its alliance is more united than the Indian Front.

Reactions from the JD(U) and TDP

JD(U) national president Sanjay Jha told News18 that the party is completely satisfied with the allocation for Bihar and all the party's demands have been met. "This is just the beginning... There will be a lot more to come in Bihar in the coming days and years. The biggest and most important assistance is flood control. The terminology doesn't matter (special package or special status etc) as long as the work gets done," Jha said. The budget announced Rs 11,500 crore for projects like Koshi-Mechi intra-state link and 20 other schemes in Bihar, including dams, river pollution control and various irrigation projects. Union minister Lallan Singh, MP from

D(U), told News channels that the allocation will give a boost to Bihar's development and that the Rashtriya Janata Dal had not been able to get such an allocation from the UPA so far. "Bihar is a backward state and we demanded special status, special package. Today's budget has given us a special package," Singh said.

Giriraj Singh, a Bihar cabinet minister and senior Bharatiya Janata Party politician, said Lalu Prasad Yadav failed to get special status for Bihar from the Congress government but Narendra Modi gave Bihar a special package for the first time in 2015 and now again. "Bihar has been promised highways worth Rs 26,000 crore, a new 2.4 million kW power plant at Rs 21,400 crore, a new airport, a medical college and sports infrastructure. Lalu should answer for what he has got.

Lo Shu Grid Date of Birth Analysis and Remedies for Missing Numbers

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July 24, 2024 at 08:11AM

Lo Shu Grid Date of Birth Analysis and Remedies for Missing Numbers

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Tuesday, July 23, 2024

Kamala Harris has enough Democratic delegates to earn US presidential nomination

Kamala Harris has received at least 2,579 delegate endorsements so far, more than the 1,976 delegates needed to win on the first ballot.

US Vice President Kamala Harris has received enough Democratic delegate endorsements to secure the party's presidential nomination.

Several state delegations, including those from the vice president's home states of Texas and California, met late Monday to reiterate their support for Harris.

According to an Associated Press tally, Harris has received at least 2,579 delegate endorsements so far, more than the 1,976 delegates needed to win on the first ballot.

California Democratic Party Chair Rusty Hicks said 75 to 80 percent of the state delegation has called and unanimously endorsed Harris.

Also read | Kamala Harris to meet with Israeli Prime Minister Benjamin Netanyahu at White House this week

"I haven't heard anyone mention or call for another candidate," Hicks told The Associated Press. "Tonight's vote was crucial."

The development came a day after U.S. President Joe Biden made an extraordinary decision to end his reelection campaign and endorse Kamala Harris as the Democratic candidate to succeed him in the presidential race.

Biden, 80, has been under immense pressure after his performance in the debate with 78-year-old Donald Trump revealed age-related flaws, prompting calls from party elders, campaign officials, donors and voters to make way for a younger candidate. After resisting for three weeks, Biden finally caved in to the pressure after seeing polls showing he had no chance of winning.

So far, no other Democrats have announced they will seek the party's nomination.

After receiving Biden's endorsement, Harris said she intended to run for and win the nomination.

"I am honored by the President's endorsement and intend to run for and win this nomination. Over the past year, I have traveled across the country speaking to the American people about the clear choice in this crucial election, and I will continue to do so in the coming days and weeks," Harris said. "I will do everything in my power to unite the Democratic Party and our country to defeat Donald Trump."

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July 23, 2024 at 03:27PM