Introduction

The Interim Union Budget FY24-25 have been introduced by our Hon’ble Finance Minister today. Below are the key highlights:

1. Direct Tax
   • Certain tax benefits to Start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units earlier expiring on 31.03.2024 extended up to 31.03.2025.
   • Withdrawal of outstanding direct tax demand upto 25,000 pertaining up to FY 2009-10 and upto 10,000 for FY 2010-11 to 2014-15.
   • Same tax rates have been retained
   • Reduction in average processing time of returns from 93 days (2013-14) to 10 days (2023-24)
2. Housing
   • Pradhan Mantri Awas Yojana (Grameen) close to achieving target of 3 crore houses, additional 2 crore targeted for next 5 years
   • Housing for Middle Class scheme to be launched to promote middle class to buy/built their own houses
3. Tourism
   • States will be encouraged to undertake development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship.
   • Long-term interest free loans to be provided to States to encourage development.
4. Agriculture and Food Processing
   • Implementation of Pradhan Mantri Matsaya Sampada Yojana to be stepped up to enhance aquaculture productivity, double exports and generate more employment opportunities.
   • Government will promote private and public investment in post-harvest activities
5. Health
   • U-WIN platform for immunisation efforts of Mission Indradhanush to be rolled out
   • Health cover under Ayushman Bharat scheme to be extended to all ASHA, Angawadi workers and helpers
   • Encourage Cervical Cancer Vaccination for girls (9-14 years)
6. Infrastructure and Investment
   • Implementation of 3 major railway corridor programmes under PM Gati Shakti-to improve logistics efficiency and reduce cost.
   • Promotion of foreign investment via bilateral investment treaties to be negotiated.
   • Expansion of existing airports and comprehensive development of new airports under UDAN scheme.
7. Sustainable Development
   • 1 crore households will be enabled to obtain up to 300 units of free electricity per month.
   • Viability gap funding for wind energy
   • Setting up of coal gasification and liquefaction capacityFinancial assistance for procurement of biomass aggregation machinery
   • Adoption of e-buses for public transport network
   • New scheme of biomanufacturing and bio-foundry to be launched to support environment friendly alternatives
8. Nari Shakti
   • 30 crore Mudra Yojana loans disbursed to women entrepreneurs
   • Increased female enrolment in higher education by 28 per cent in 10 years
9. Welfare of Farmers-Annadata
   • Direct financial assistance to 11.8 crore farmers under PM-KISAN
   • Crop Insurance to 4 crore farmers under PM Fasal Bima Yojana
   • Integration 1,361 mandis under e- NAM, supporting trading volume of ₹ 3 lakh crore

Conclusion

Since this is the interim budget for next 2 to 3 months and final budget would come after the elections from new formed government. So, there are not much in this interim budget especially for the individual tax payers. Let’s hope there will be more relaxation or rebate announce in final budget FY24-25.

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