What is there in the Budget for F.Y. 2024-25? 

The Union Minister of Finance, Nirmala Sitaraman, presented the interim budget for the F.Y. 2024-25 on 1^st Feb. 2024. As expected, the budget did not bring any surprising element as it was an interim budget and a full-fledged budget will be presented after the general elections in July 2024. The following are some of the key highlights from the budget speech and The Finance Bill, 2024. 

Key Points

• Vikasit Bharat by 2047. 
• Infrastructure Spend – Estimated Capex of Rs. 11.11 Lakh Crores in F.Y. 2024-25 – Highest ever Capex with an increase of 11.1% from F.Y. 2023-24. 
• A one lakh crore rupees corpus is to be established for today’s tech-savvy youth, with a fifty-year interest-free loan to boost private sector research and innovation in emerging fields through long-term financing with low-interest rates. 
• All ASHA, Anganwadi workers and helpers will be covered under the Health Cover under the Ayushman Bharat Scheme. 
• Government to encourage Cervical Cancer Vaccination for girls (9-14 years). 
• The deadline for certain tax benefits for startups and sovereign wealth funds/pension funds extended to 31.03.2025 from 31.03.2024. 
• Proposed changes in TCS on Foreign Remittances: 

1. No TCS if remittance is up to Rs. 7 lakhs, irrespective of the purpose of the remittance (currently, it is only for education or medical expenses). 

2. TCS at 5% of the amount in excess of Rs. 7 lakhs if the remittance exceeds Rs. 7 Lakhs and is for education and medical treatment. 

3. TCS at 20% of the amount in excess of Rs. 7 lakhs if the amount exceeds Rs. 7 Lakhs and is for other than education and medical treatment. 

• Key Numbers 

• Target to reduce Fiscal Deficit below 4.5% by F.Y. 2026. 
• There are no changes in taxation with the same tax rates for both direct and indirect taxes, including import duties. 

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