5 top proposals that Finance Minister Nirmala Sitharaman presented for the middle class in 2024 ranging from income tax to housing. As was expected the temporarily announced budget of 2024 did not give big-bangs shocks, but it again emphasized the infrastructure development and building solid connectivity across the country. FM Nirmala Sitharaman on Thursday delivered her 6th consecutive budget with a speech of a total of 56 minutes.
- – Income Tax: – In the interim budget of 2024-25 there is no modification in the income tax rates for individuals, organizations, and as well as customs duty. In her entire 56-minute speech, she talked about the Modi government’s achievements in the last 10 years and how India’s economy changed into the world’s fastest-growing economy.
- Housing for the middle class this budget, FM announced a scheme to help those people who are living in accommodations or in slum areas to get a house. She said, “ Our government will launch a scheme to help deserving sections of the middle class ‘ living in rented houses, or slums, or chawls and unauthorized colonies’ to buy or build their own houses.”
- PM Awas Yojna ( Gramin):- Stating about the Awas yojna, she declared that around 2 crore houses will be built for the rural people in the coming 5 years. Confronting all the challenges, this scheme achieved the target of 3 crores and now has added 2 crores more houses to be completed in the coming 5 years.
- Extension of Tax benefit to Start-ups:- In the interim budget, our FM announced that the tax incentive for start-ups and investments done or handled by sovereign wealth or pension funds will be extended for 1 more year March 2025. Finance Minister Nirmala Sitharaman also said that some tax benefits offered to start-ups and investments were made by sovereign wealth or pension funds which were exempted from tax on certain income of some IFSC units are coming to an end on 31st March 2024. While presenting the temporary budget of 2024-25, Nirmala Sitharaman announced “To provide continuity in taxation, I propose to extend the date to March 31st, 2025.”
- Rooftop Solarisation and Free Electricity: – Rooftop solarisation will benefit one crore households, and will also provide up to 300 units of electricity free every month. Figures reveal that there will be savings up to Rs. 15000-18000 included in Expected benefits and an offer to sell surplus electricity to discoms.