Union Budget 2024: Key Announcements That Will Benefit You

Here's what common man could look forward to after the Union Budget 2024


Finance Minister Nirmala Sitharaman presented the interim budget for the fiscal year 2024-25 on February 1, 2024. This interim budget, ahead of the Lok Sabha Elections scheduled for April-May, is referred to as a Vote on Account. In her budget speech, the finance minister announced the withdrawal of all outstanding disputed direct tax demands up to Rs 25,000. This measure aims to enhance the ease of living for taxpayers and is expected to benefit approximately one crore taxpayers, as stated by the minister.

Union Budget 2024: Key Announcements That Will Benefit You

Key Announcements in Union Budget 2024 That Could Benefit You


Despite facing various challenges, the PM Awas Yojana (Gramin) persevered and successfully achieved its target of nearly 3 crore houses. Looking ahead, the scheme aims to take on an additional two crore houses over the next five years.

To address housing needs for the middle class, especially those living in rented accommodations, slums, chawls, and unauthorized colonies, the government plans to introduce a scheme facilitating home ownership or construction. This initiative is expected to free up encroachment-prone areas like slums, easing the process of redevelopment.

The allocation for capital expenditure (Capex outlay) is set to increase by 11.1% to Rs 11,11,111 lakh Cr, constituting 3.4% of GDP. This boost in funding is poised to unlock opportunities for real estate development, primarily through infrastructure upgrades and new projects.

Transit-oriented development in urban areas is anticipated to stimulate housing demand and potentially elevate residential prices.

The development of iconic tourist centers is likely to benefit the hospitality sector, encompassing hotels and restaurants of various categories. Additionally, long-term loans proposed to states for tourism development could further bolster this sector.

Extending tax benefits to startups for another year may rejuvenate office real estate.

Also read: Union Budget 2024: What is the New Income Tax Slab?

Outstanding direct tax demands up to Rs 25,000 for the period up to the financial year 2009-10, and up to Rs 10,000 for the financial years 2010-11 to 2014-15, have been withdrawn. This measure is anticipated to benefit approximately one crore taxpayers.

In line with the Prime Minister’s commitment made on the historic occasion of the consecration of the Ram Mandir in Ayodhya, the government plans to enable one crore households to access up to 300 units of free electricity per month through rooftop solarisation. Anticipated benefits include:

a) Savings of up to Rs 15,000-18,000 annually for households through free solar electricity and the ability to sell surplus energy to distribution companies.
b) Facilitation of electric vehicle charging.
c) Creation of entrepreneurship opportunities for numerous vendors involved in the supply and installation of solar panels.
d) Generation of employment opportunities for skilled youth in manufacturing, installation, and maintenance roles within the solar energy sector.

Financial Lessons from Ramayana: Lord Ram’s Financial Teachings for Modern Investors

In the epic tale of the Ramayana, Lord Ram emerges not only as a divine figure but also as a beacon of wisdom, offering...

Union Budget 2024: FM Sitharaman’s Bold Move for a Greener, Smarter Budget Presentation!

In a groundbreaking move towards digital governance, Finance Minister Nirmala Sitharaman is set to present the 2024 Interim Union Budget on February 1, marking...

Unlocking Tax Benefits for Ayodhya Ram Mandir Donations: A Guide to Claiming Deductions in Your ITR

In the wake of the 'Pran Pratishtha' ceremony for Ram Lalla's idol, the global outpouring of donations for the Ayodhya Ram Mandir is witnessing...

Related articles

How To Save Money and Not to Be Broke in 2020

Saving money has always been a thought in your heads whether it’s your pocket money or your hard-earned...

Tax Reforms: Highlights From PM Modi’s Speech On Faceless Taxation

Prime Minister Narendra Modi on Thursday brought tax reforms emphasized on 'Faceless Taxation', the role of tax compliance,...

Everything to Know About New Traffic Fines.

The government is all set to tug the leash on anyone who thinks that following traffic rules is...

Reliance Jio’s New Tariff plans Are Here and You Should Check Them Out Now.

Reliance Jio has announced on Wednesday that they are going to bring a change in their plans as...

World’s Richest Horse Race to be Hosted by Saudi Arabia- All You Need to Know

The Saudi Cup 2024, hailed as the world's most valuable horse race, is gearing up to be larger...

Why NRIs Enjoy Tax Benefits on Mutual Funds in UAE

Non-Resident Indians (NRIs) residing in the United Arab Emirates (UAE) enjoy certain tax benefits when investing in mutual...

7 Best and Worst Cities to Invest in Real Estate for 2024

Real estate investment is an innate investment quality that is etched into the hearts and minds of Indians....

Union Budget 2024: What is the New Income Tax Slab?

Finance Minister, Nirmala Sitharaman has announced that there will be no changes in the new regime of income...