#Nirmala Sitharaman salary

[honestnewsoaoer]

Nirmala Sitharaman Presented An Interim Budget

अंतरिम बजट में टैक्स स्लैब में कोई बदलाव नहीं, जानिए क्या बोलीं निर्मला सीतारमण Nirmala Sitharaman : 1 फरवरी 2024 को, वित्त मंत्री निर्मला सीतारमण ने नरेंद्र मोदी सरकार के दूसरे कार्यकाल का अंतरिम बजट पेश किया। इस बजट में करदाताओं को कोई नई छूट नहीं दी गई है और इनकम टैक्स स्लैब में कोई बदलाव नहीं किया गया है। हालांकि, स्टार्टअप के लिए टैक्स छूट को एक साल के लिए बढ़ा दिया गया है। Nirmala…

[demiumresearch]

What can salaried employees expect from Budget 2024? #unionbudget2024 ... What to expect from Budget 2024 for salaried employees? * Finance Minister Nirmala Sitharaman to present the Union Budget for 2024-25. * Sitharaman becomes the first Finance Minister to present seven consecutive Union Budgets. * Budget expected in the second half of July. * High expectations for taxpayers, especially salaried employees seeking tax relief. * Key demands include lower tax rates, revised slabs, and higher deductions. * Call for expansion of the 50% HRA exemption to more non-metro cities. * Expectation of an increase in the Section 80C deduction limit for investments in life insurance, PPF, FD, and ELSS. * Prediction of a rise in the new tax regime’s exemption limit. * Deduction under Section 24(b) for home loan interest expected to increase from Rs 2 lakhs to Rs 3 lakhs. Join us at demiumresearch.com, or call 7030916716 today. Let's make your money work smart! . . . . . . #unionbudget #financeminister #nirmalasitharaman #invest #nifty #investor #sharemarket #financialfreedom #trader #sensex #stock #wealth #nse #bse #stockmarketindia #stockmarketnews #salariedemployees #employee #insurance

[livemintvideos]

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[aakashmalhotra]

Exploring the 2024 Union Budget: International Tax Insights

What are the key details that taxpayers should be aware of regarding the 2024 tax changes?

Key Highlights

The Finance Minister of India presented the Union Budget 2024 on 23 July 2024. The Budget includes several positive proposals, such as tax incentives for small businesses, increased funding for infrastructure development, and measures to support sustainable energy initiatives. Thus, the purpose of these suggestions is to boost the economy, e-commerce growth in India and tackle several issues. 

The Income Tax Act is due for a review, and the government has suggested much-needed changes, which are long overdue.

The base corporate tax rate for nonresident corporate taxpayers has been reduced from 40% to 35%.

The removal of angel tax provisions and the introduction of Equalisation Levy 2.0 will have a significant impact and are considered game changers.

The rationalization of the TDS Regime is a positive step forward and is sure to benefit the country's overall growth.

The removal of indexation to compute cost while calculating gains will significantly impact the capital gains tax regime. With the removal of the buyback tax, the tax incidence will now shift to the recipient.

The government has restated its commitment to simplifying processes, rationalizing GST rates, and expanding GST coverage to all sectors.

Customs duties will be waived for key sectors like healthcare, solar, critical minerals for renewable energy, and high-tech electronics. Additionally, there will be a reduction in customs duties for mobile phones, gold, precious metals, and the leather and textile industries.

Introduction of a one-time tax settlement scheme called Vivad se Vishwas (VSV) to help quickly resolve ongoing tax disputes.

The government of India is currently engaged in modernizing its international tax policies and administration. This initiative encompasses the implementation of a variety of tax incentives and rate reductions, as well as the substantial digitalization of critical processes.

Tax Insights: Introduction

During the presentation of the Union Budget for 2024-2025, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman underscored the budget's emphasis on several identified priorities aimed at expediting the journey toward the goal of Viksit Bharat.

The Finance Minister highlighted the government's ongoing efforts to simplify taxes, improve taxpayer services, and reduce legal disputes. Thus, the taxpayers have responded positively to these efforts.

In the fiscal year 2022-23, Smt. Sitharaman highlighted that 58 percent of corporate tax revenue was contributed by the simplified tax regime. Additionally, over two-thirds of taxpayers chose to adopt the new personal income tax regime based on the data available.

During the budget presentation, the Finance Minister also announced a number of attractive benefits designed to provide tax relief to salaried individuals and pensioners who choose the new tax regime. The Union Budget for the fiscal year 2024-2025 has incorporated a range of provisions and amendments, underscoring the government's dedication to establishing a streamlined and effective tax framework.

What is the major objective of the International tax sector?

International taxation serves various objectives, such as ensuring fair distribution of tax burdens, preventing the illegal avoidance of taxes, fostering economic growth, and facilitating international collaboration. However, the following are the primary purposes of the International tax sector.

Preventing Double Taxation

Encouraging International Trade and Investment

Preventing Tax Evasion and Avoidance

Equitable Distribution of Taxing Authority

The encouragement of International collaboration

Union Budget 2024 International tax updates

Following are the International tax sector updates:

Rationalisation of taxes and rates 

E-commerce operators from foreign countries, who supply or facilitate the e-commerce supply of goods or services into or relating to India, are currently burdened with India’s digital service tax, the equalisation levy, which is imposed at a significant 2 percent of the gross consideration. The impending discontinuation of this tax will bring a welcome relief and is scheduled to take effect from 1 August 2024.

From fiscal year 2024–2025, foreign companies will have a reduced corporate tax rate of 35 percent, down from 40 percent.

Relief/beneficial provisions 

Angel tax is a tax that private companies have to pay when they issue shares to someone at a price higher than the fair market value of the shares. The government's proposed Finance Bill aims to get rid of angel tax starting from April 1, 2024. This will be a great relief for companies that receive investments, including those from foreign sources.

The safe harbour rules will be expanded, and the transfer pricing assessment procedure will be streamlined.

IFSC-regulated finance companies may be exempt from thin capitalization rules as long as they meet certain conditions. This would put them on the same level as banks, some NBFCs, and insurance companies.

Other changes 

A new presumptive taxation regime is being considered for cruise ship operations conducted by non-residents in India, effective from the fiscal year 2024–25. This regime would deem 20% of the specified gross receipts as business income. Additionally, Cruise Ship Operators (CSOs) would be exempt from the presumptive taxation regime for non-resident shipping businesses. Specific group companies of these CSOs receiving lease rentals would also be eligible for tax exemption until the fiscal year 2029–30.

With effect from 1st October 2024, a significant change has been implemented in the tax treatment related to share buybacks by domestic companies. The tax burden has now been transferred from the company to the shareholders. The consideration received by the shareholder will be taxable as a "dividend" at applicable tax rates without any deduction for expenses, potentially resulting in a capital loss. Shareholders must proactively consider tax treaty benefits or dividend deductions available to them.

Before April 1, 2024, if a taxpayer transferred a capital asset through a gift, will, or irrevocable trust, it was not considered a "transfer" under the Income Tax Act. Therefore, no capital gains tax was applied to the transferor. Starting April 1, 2024, this rule will only apply to transfers by individuals or Hindu undivided families. This means that gifts or transfers to an irrevocable trust of any capital asset by other taxpayers will be subject to capital gains tax.

Procedural matters 

Currently, there is a time limit of seven years to pass an order deeming a person to be in default for failure to deduct or deposit TDS for resident payees. However, there is no such time limit for non-resident payees. Similarly, no time limit has been prescribed for cases of failure to collect or deposit tax at source (TCS). It is proposed to provide a common limitation period of six years for passing such an order for both resident and non-resident payees. A similar timeline has been prescribed for passing orders in the case of TCS provisions.

Effective April 1, 2025, a proposal to streamline compliance for non-resident liaison offices and introduce penalties for delayed compliance will take effect. Currently, the requirement dictates that the statement of activities must be filed within 60 days from the end of the fiscal year. The proposed changes will entail the specification of new timelines through established rules.

Applications for advance rulings that have been transferred from the Authority for Advance Rulings to the Board for Advance Rulings may be withdrawn by October 31, 2024, if they have not already been disposed of.

Non-locals and international businesses can settle ongoing legal disputes through the new conflict resolution program called the Direct Tax Vivad Se Vishwas Scheme 2024.

Last words

The national, state, and union territory governments of India are actively promoting foreign investment to drive economic transformation. While this presents promising opportunities, it's important for investors to approach this with caution, as both risk and opportunity are closely intertwined in India's investment landscape.

[citizenrecord]

"Save As Much As ₹ 17,500": Finance Minister on New Tax Regime Slabs

Standard deduction in the new tax regime will be increased from ₹ 50,000 to ₹ 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.

Ms Sitharaman also announced revisions to tax slabs in the new regime. As a result, the Finance Minister told Parliament, salaried employees can save as much as ₹ 17,500 in the new regime.

It will also, she said, provide salaried individuals with higher tax savings and more disposable income.

Existing new tax regime slabs (effective for FY 2023-24) were as follows:

Income up to ₹ 3 lakh - Nil Rs 3 lakh to ₹ 6 lakh - 5 per cent Rs 6 lakh to ₹ 9 lakh - 10 per cent Rs 9 lakh to ₹ 12 lakh - 15 per cent Rs 12 lakh to ₹ 15 lakh - 20 per cent Above ₹ 15 lakh - 30 per cent The increase in standard deduction was one of the most anticipated ahead of the budget speech.

Industry experts speculated this could double to ₹ 1,00,000, but Ms Sitharaman fell slightly short.

In addition, deduction on family pension for pensioners will be increased from ₹ 15,000 to ₹ 25,000.

These tweaks will bring relief for around four crore salaried individuals and pensioners, she said.

Changes to income tax slabs, old and new, were in focus ahead of Ms Sitharaman's speech as the country's mammoth middle class clamoured for relief from tax burdens. There was little joy for the middle class in the interim budget - which pegged gross tax revenue at ₹ 38.31 lakh crore for 2024-25, an 11.46 per cent growth over the last fiscal - so all eyes were on the Finance Minister today.

Ms Sitharaman, however, had to walk a tight rope as she looks to stimulate growth and provide relief.

Another big expectation was a hike in exemption limit. Under the new regime, those earning under ₹ 3 lakh a year are exempt from paying tax. There was speculation this could be raised to ₹ 5 lakh.

There was, however, no such announcement.

There was also no changes announced for tax slabs under the old regime. This is amid speculation the government plans to do away with this option for next year.

The Finance Minister also announced a comprehensive review of the Income Tax Act of 1961, which will make it easier to read and understand, and reduce uncertainty and potential for litigation.

This will be completed in six months.

As part of this overhaul, Ms Sitharaman said tax authorities could only re-open assessments within three years from end of assessment and if the escaped income is ₹ 50 lakh and over.

Even then, the time limit for search cases is to be reduced from 10 years to six before year of search.

"A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital gains taxation," she said.

As per the proposal, two tax exemption regimes for charities will be merged into one.

The five per cent TDS, or Tax Deducted at Source, rate is being merged into the two per cent rate and the 20 per cent rate on repurchase of units by mutual funds, or UTI, is being withdrawn, she said.

The TDS rate on e-commerce operators will be reduced from one to 0.1 per cent, she added.

Also, Ms Sitharaman said she proposed to decriminalise delay for payment of TDS, or Tax deducted at Source, up to the due date of filing the concerned statement.

[sonalj]

Budget 2024 Highlights: Detailed Overview of Policies

The most awaited financial budget is finally here. On July 23, Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget for the fiscal year 2024-25, surpassing the record set by former Prime Minister Morarji Desai. This Budget is particularly notable as it’s the first one delivered by the BJP-led NDA government since their re-election in June. Here are the key budget 2024 highlights.

Sector-wise Allocation and Benefits: A Closer Look This year’s budget focused on four main areas: employment, skilling, MSMEs, and middle class. The government has tried to prioritize the Viksit Bharat agenda through productivity and resilience in agriculture. Prime Minister schemes for employment-linked incentives also focus on better opportunities for working youths. Let us take a quick look at the grants, allocations, and updates different sectors received with Budget 2024.

Business/ Professionals The 2024-25 Union Budget introduces several incentives to support businesses and professionals. The Prime Minister’s Package for Employment and Skilling outlines five key schemes to create jobs and enhance skill development.

Incentives for First-time Employees: Scheme A provides a one-month salary of up to ₹15,000 in three installments for first-time employees registered with the EPFO.

Job Creation in Manufacturing: Scheme B offers incentives for employees and employers, mainly focusing on EPFO contributions for the first four years of employment.

Support for Employers: Scheme C reimburses up to ₹3,000 per month for two years towards the EPFO contribution of employers for each additional employee.

Skilling Initiatives: A new centrally sponsored scheme aims to skill 20 lakh youth over five years, with 1,000 Industrial Training Institutes being upgraded.

Internship Opportunities: One crore youth will benefit from internships in 500 top companies over five years.

Changes to Angel Tax: Angel tax, introduced in 2012 to curb fraudulent investments, stifled startup funding. The 2024 budget proposed removing the Angel tax to boost investor confidence and fuel startup growth.

[taxring]

Income Tax Budget 2024: New Tax Slabs to Standard Deduction - Changes Under New Regime You Need to Know

Income Tax Budget 2024 On July 23, Finance Minister Nirmala Sitharaman unveiled the Budget 2024. The FM  blazoned a borderline income  duty cut for the middle class. She increased the standard deduction( a fixed deduction from a hand's total  payment before calculating the applicable income  duty rate) by 50 to ₹ 75,000 and acclimated  duty crossbeams for taxpayers under the new income  duty  governance. Speaking on the budget, Prime Minister Narendra Modi stated that it" will act as a catalyst in making India the third- largest frugality in the world( from fifth largest  moment) and will lay a solid foundation for a developed India. 

The income tax slabs differ between the previous and current tax regimes. Furthermore, the slab rates under the previous tax regime were divided into three groups.

Indian residents under 60 years and non-residents aged 60 to 80 years:

 Resident Senior Citizens

More than 80 years: Resident super seniors

Income Tax  Budget 2024: Tax Slabs Under the New Regime

The Budget 2024 altered the tax slabs in the New Regime, giving taxpayers an additional opportunity to save Rs 17,500 in taxes. Furthermore, the standard deduction has been enhanced to Rs. 75,000 under this regime, while the family pension deduction has been adjusted to Rs. 25,000 from Rs. 15,000. This is applicable for the fiscal year 2024-25. The following is a comparison of the tax slabs after and before the budget

New income tax vs. old income tax slabs: On July 23, Finance Minister Nirmala Sitharaman presented the Narendra Modi 3.0 government's first budget. FM increased the standard deduction by 50% to ₹75,000 and adjusted tax slabs under the new income tax regime to benefit salaried individuals. The new tax slabs under the new income tax regime will be implemented from April 1, 2024 (Assessment Year 2025-26).

Income Tax Budget: Key income tax changes

 Significant income Duty  adaptations   The standard deduction for salaried  workers increased from ₹ 50,000 to ₹ 75,000.  Pensioners can now abate ₹ 25,000/- from their family pension, over from ₹ 15,000.   The 5% duty rate arbor increased from ₹ 5 lakh to ₹ 7 lakh.  NPS- The benefit for social security of paid persons can accrue as a deduction of expenditure by employers towards NPS( the new pension system is intended to be enhanced from 10 to 14 percent of the hand's  payment).

Read more

[taaza-khabar]

Union Budget 2024: Top 5 takeaways for salaried persons, job seekers

Union finance minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha in New Delhi on July 23.(PTI) Budget 2024: Nirmala Sitharaman presented the Union Budget 2024-25 during the Budget Session of Parliament on Tuesday. Budget 2024: Finance minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024-25 during the Monsoon Session of Parliament. Nirmala Sitharaman…

[tfgadgets]

New Tax Regime Slabs To Be Changed, Standard Tax Deduction Increased From 50,000 To 75,000

New Delhi: Standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.  Ms Sitharaman also announced revisions to tax slabs in the new regime. As a result, the Finance Minister told Parliament, salaried employees can save as much as Rs 17,500 in the new regime. #BudgetWithNDTV:…

[indiaepost]

Budget will give ample opportunity for parallel growth of MP: CM

 Madhya Pradesh Chief Minister Mohan Yadav hailed Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for the Budget on Tuesday. The Chief Minister said the Centre has tried to reduce the burden of inflation, especially from the people belonging to lower income categories and salaried class. He said the control over inflation is the need of the hour and PM Modi’s…

[bhaskarlive]

Budget offers income tax sops for 4 crore salaried individuals

Finance Minister Nirmala Sitharaman offered a bonanza for four crore salaried individuals and pensioners with the Budget announcements for 2024-25.

On Personal Income Tax Rates, FM Sitharaman announced two announcements to make for those opting for the new tax regime.

Source: bhaskarlive.in

[currentmediasstuff]

Job Announcements in Nirmala Sitharaman’s Union Budget 2024

On Tuesday, Finance Minister Nirmala Sitharaman presented the Union Budget for 2024–25 after receiving Cabinet approval. Her budget speech highlighted several measures aimed at job creation in India. Here are some key initiatives:

1. Paid Internship Programme

The government is set to launch a paid internship programme in 500 top companies. Announcing this, Sitharaman stated, “Internship in 500 top companies to be encouraged under the 5th new scheme of the Modi government. 1 crore youth to benefit from the government’s internship scheme. An internship allowance of Rs 5000 per month and one-time assistance of Rs 6,000 will be provided under the internship scheme. Companies will bear training costs from their CSR funds.”

2.Youth Skilling Scheme

In an effort to boost youth employability, the finance minister announced an increase in provisions for the Youth Skilling Scheme. The revised model skill loan scheme will facilitate loans up to Rs 7.5 lakh with guarantees from a government-promoted fund. This scheme aims to benefit 25,000 students per year

3. Roadmap for Job Growth

Sitharaman outlined incentives for job growth, stating that incentives will be provided to both employees and employers in the first four years of employment. She said, “All employment within a salary of Rs 1 lakh per month will be counted. The government will reimburse employers Rs 3,000 per month towards EPFO contributions for two years for each additional employee.”

4.Three Schemes for Employment Generation

To further boost employment, the government will set up three schemes focused on employment generation. The first scheme will provide a one-month wage to all persons newly entering the workforce across all sectors. This first-time employment scheme is expected to benefit 2.1 crore youths.

These initiatives reflect the government’s commitment to job creation and youth empowerment, aiming to provide substantial support to both employers and employees in the coming years.

[trendingallworldnews]

Budget 2024: Date, Time, and How to Watch Live

photo the economic times

The budget session for FY2024-25 began today, July 22, 2024, in the Parliament. This session marks the first full Budget following the re-election of the Modi government for a third term. Taxpayers are eagerly anticipating significant tax reliefs from this initial Budget of the Modi 3.0 government. Here are the details on when the Budget will be presented and how you can watch it live.

Budget 2024 Presentation

Date and Time

Finance Minister Nirmala Sitharaman will present the Union Budget 2024 in the Parliament on July 23, 2024. This will be her seventh consecutive Budget. The Budget 2024 speech is expected to commence at 11 am on Tuesday.

What to Expect from Budget 2024

Budget 2024 is anticipated to outline the roadmap for 'Vikshit Bharat' by 2047. According to a report titled 'Union Budget 2024-25: A Bundle of Expectations!' by Mehta Equities, expectations are high. Investors are optimistic about the continuation of economic reforms under the Narendra Modi 3.0 government, which have positioned India as the world’s fastest-growing major economy.

Key Expectations

Punit Shah, Partner at Dhruva Advisors, recommends that the government introduces amendments aimed at stimulating consumer spending. Key expectations include:

Raising the tax-free income threshold

Reducing tax rates for middle-income earners

Increasing standard deductions for salaried employees

How to Watch the Budget Speech Live

You can watch Finance Minister Nirmala Sitharaman's Budget 2024 speech live on the following platforms:

The Economic Times website

Indian government’s official site for Union Budget:

Sansad TV

Additionally, follow the live blog on The Economic Times for real-time updates, news, reactions, and analysis of Budget 2024.

[zhhnmqd3k5]

Finance Minister Nirmala Sitharaman, responsible for the nation's finances, recently revealed that she was offered the option to contest elections from either Andhra Pradesh or Tamil Nadu by BJP President JP Nadda. However, she declined after careful consideration due to financial constraints, stating that she lacks the funds required for an electoral campaign. She also mentioned the complex criteria involved in winning elections in these states based on community or religious affiliations. When asked why she lacked funds despite being the Finance Minister, she clarified that the country's money isn't her personal wealth; her salary, earnings, and savings belong to her personally, not to the Consolidated Fund of India. Sitharaman, a Rajya Sabha member from Karnataka, pledged to campaign for other candidates and participate in media programs. Notably, she joined the Bharatiya Janata Party in 2008, served as its national spokesperson until 2014, and was elected to the Rajya Sabha from Andhra Pradesh in 2014. She served as the 28th Defense Minister from 2017 to 2019 and played a key role in leading the Balakot airstrikes in 2019. Currently, she serves as the Finance and Corporate Affairs Minister, presenting India's annual budgets. Sitharaman is the second woman Finance Minister and the first full-time female Finance Minister in India.

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[werindialive]

“I do not have that kind of money to contest…” FM Sitharaman on contesting Lok Sabha elections

In the latest revelation, Finance Minister Nirmala Sitharaman said that she had to decline the BJP’s offer to contest Lok Sabha elections as she does not have the required funds for the campaign.

She also revealed that BJP President JP Nadda offered her an option to contest either from Andhra Pradesh or Tamil Nadu.

FM Sitharaman was attending the TIMES NOW Summit 2024 when she said, "After thinking for a week or ten days, I went back to say, 'Maybe not'. I do not have that kind of money to contest. I also have a problem whether it is Andhra Pradesh or Tamil Nadu. It's also going to be a question of various other winnability criteria that they use... Are you from this community or are you from that religion? Are you from this? I said no, I do not think I am going to able to do it."

"I am very grateful they accepted my argument... So I am not contesting," she added.

She was asked why the Finance Minister of India does not have enough funds to fight the elections, she said that the consolidated funds of India do not belong to her.

"My salary, my earnings, and my savings are mine and not the Consolidated Fund of India," she said.

For the upcoming Lok Sabha elections, the BJP has fielded many of its Rajya Sabha members. The Lok Sabha elections are due on April 19. The Rajya Sabha members who would be contesting in the Lok Sabha elections this time include Piyush Goyal, Bhupender Yadav, Rajiv Chandrasekhar, Mansukh Mandaviya, and Jyotiraditya Scindia.

The FM said that she would support the campaigning for other members.

"I will attend a lot of media events and go with the candidates - like tomorrow I will be going for Rajiv Chandrasekhar's campaign. I'll be on the campaign trail," she added.

For more national and political news India in Hindi, subscribe to our newsletter.

[sonalj]

Budget 2024 Highlights: Detailed Overview of Policies

The most awaited financial budget is finally here. On July 23, Finance Minister Nirmala Sitharaman presented the highlights of Budget 2024 for the fiscal year 2024-25, marking her seventh consecutive Budget. This achievement surpasses the record set by former Prime Minister Morarji Desai. Notably, this Budget is the first delivered by the BJP-led NDA government since their re-election in June.

Sector-wise Allocation and Benefits: A Closer Look This year’s budget focused on four main areas: employment, skilling, MSMEs, and middle class. The government has tried to prioritize the Viksit Bharat agenda through productivity and resilience in agriculture. Prime Minister schemes for employment-linked incentives also focus on better opportunities for working youths. Let us take a quick look at the grants, allocations, and updates different sectors received with Budget 2024.

Business/ Professionals The 2024-25 Union Budget introduces several incentives to support businesses and professionals. The Prime Minister’s Package for Employment and Skilling outlines five key schemes to create jobs and enhance skill development.

Incentives for First-time Employees: Scheme A provides a one-month salary of up to ₹15,000 in three installments for first-time employees registered with the EPFO.

Job Creation in Manufacturing: Scheme B offers incentives for employees and employers, mainly focusing on EPFO contributions for the first four years of employment.

Support for Employers: Scheme C reimburses up to ₹3,000 per month for two years towards the EPFO contribution of employers for each additional employee.

Skilling Initiatives: A new centrally sponsored scheme aims to skill 20 lakh youth over five years, with 1,000 Industrial Training Institutes being upgraded.

Internship Opportunities: One crore youth will benefit from internships in 500 top companies over five years.

Changes to Angel Tax: Angel tax, introduced in 2012 to curb fraudulent investments, stifled startup funding. The 2024 budget proposed removing the Angel tax to boost investor confidence and fuel startup growth. Salaried Individual (Personal Tax) Significant changes have been made to personal income tax for salaried individuals. Under the new income tax regime, the standard deduction for salaried employees has been increased from ₹50,000 to ₹75,000. Also, the deduction on family pension has been enhanced from ₹15,000 to ₹25,000.