| Presented: | 23 July 2024 |
| Parliament: | 18th (Lok Sabha) |
| Deficit: | 4.9% of GDP(Target) |
| Tax Cut: | Numerous |
| Year: | 2024 |
| Date Submitted: | 23 July 2024 |
| Submitter: | Nirmala Sitharaman (Minister of Finance) |
| Next Year: | 2025 |
| Next Budget: | 2025 Union budget of India |
| Previous Year: | 2024 (Interim) |
| Previous Budget: | 2024 Interim-Union budget of India |
| Country: | India |
| Gdp: | 3.937 Trillion |
| Bill: | Annual Financial Statement of the Central Government for the year 202425 The Finance Bill, 2024 |
The 2024 Union Budget of India[1] (ISO:) was presented by Finance Minister, Nirmala Sitharaman on 23 July 2024. This was the first budget of Narendra Modi led NDA government's third term.[2]
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government.[3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson.[4] The first Union Budget of Independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.[5]
The income tax (IT) slabs have been revised under the new income tax regime.[6] The updated tax rates are as follows:
| Tax Rate | Slab before budget | Slab after budget | |
|---|---|---|---|
| Nil | Up to Rs 3 lakh | Up to Rs 3 lakh | |
| 5% | Rs 3 lakh to Rs 6 lakh | Rs 3 lakh to Rs 7 lakh | |
| 10% | Rs 6 lakh to Rs 9 lakh | Rs 7 lakh to Rs 10 lakh | |
| 15% | Rs 9 lakh to Rs 12 lakh | Rs 10 lakh to Rs 12 lakh | |
| 20% | Rs 12 lakh to Rs 15 lakh | Rs 12 lakh to Rs 15 lakh | |
| 30% | Above Rs 15 lakh | Above Rs 15 lakh |
The government has abolished the "angel tax," a levy that was introduced in the Finance Act of 2012. This tax applied to investments received by unlisted companies that exceeded the fair market value of their shares, often affecting start-ups and early-stage companies.[8]
The capital gains tax structure has also undergone changes:
The government has proposed a reduction in the rate of Tax Deducted at Source (TDS) for various types of payments. Specifically:
The Secretary of Revenue, Sanjay Malhotra said that the decrease in TDS is aimed at simplifying TDS compliance.[11]
The total expenditure, encompassing both revenue and capital outlays, was distributed among various ministries. The Finance Ministry received the largest share at 38.5%, while the Defence Ministry held the second position with an allocation of 12.9%.[12]
| Ministry | Total Expenditure ('Crores) | Total Expenditure % | |
|---|---|---|---|
| Ministry of Finance | ₹ 1,858,159 | 38.547% | |
| Ministry of Defence | ₹ 621,941 | 12.902% | |
| Ministry of Road Transport and Highways | ₹ 278,000 | 5.767% | |
| Ministry of Railways | ₹ 255,393 | 5.298% | |
| Ministry of Consumer Affairs, Food and Public Distribution | ₹ 223,323 | 4.633% | |
| Ministry of Home Affairs | ₹ 219,643 | 4.556% | |
| Ministry of Rural Development | ₹ 180,233 | 3.739% | |
| Ministry of Chemicals and Fertilisers | ₹ 168,500 | 3.495% | |
| Ministry of Communications | ₹ 137,294 | 2.848% | |
| Ministry of Agriculture and Farmers Welfare | ₹ 132,470 | 2.748% | |
| Ministry of Education | ₹ 120,628 | 2.502% | |
| Ministry of Jal Shakti | ₹ 98,714 | 2.048% | |
| Ministry of Health and Family Welfare | ₹ 90,959 | 1.887% | |
| Ministry of Housing and Urban Affairs | ₹ 82,577 | 1.713% | |
| Ministry of Women and Child Development | ₹ 26,092 | 0.541% | |
| Department of Atomic Energy | ₹ 24,969 | 0.518% | |
| Ministry of Labour and Employment | ₹ 22,531 | 0.467% | |
| Ministry of External Affairs | ₹ 22,155 | 0.460% | |
| Ministry of Micro, Small and Medium Enterprises | ₹ 22,138 | 0.459% | |
| Ministry of Electronics and Information Technology | ₹ 21,937 | 0.455% | |
| Ministry of Power | ₹ 20,502 | 0.425% | |
| Ministry of New and Renewable Energy | ₹ 19,100 | 0.396% | |
| Ministry of Science and Technology | ₹ 16,628 | 0.345% | |
| Ministry of Petroleum and Natural Gas | ₹ 15,930 | 0.330% | |
| Ministry of Social Justice and Empowerment | ₹ 14,225 | 0.295% | |
| Department of Space | ₹ 13,043 | 0.271% | |
| Ministry of Tribal Affairs | ₹ 13,000 | 0.270% | |
| Ministry of Commerce and Industry | ₹ 11,469 | 0.238% | |
| Ministry of Heavy Industries | ₹ 7,242 | 0.150% | |
| Ministry of Fisheries, Animal Husbandry and Dairying | ₹ 7,138 | 0.148% | |
| Ministry of Law and Justice | ₹ 6,788 | 0.141% | |
| Ministry of Development of North Eastern Region | ₹ 5,900 | 0.122% | |
| Ministry of Statistics and Programme Implementation | ₹ 5,454 | 0.113% | |
| Ministry of Skill Development and Entrepreneurship | ₹ 4,520 | 0.094% | |
| Ministry of Textiles | ₹ 4,417 | 0.092% | |
| Ministry of Information and Broadcasting | ₹ 4,343 | 0.090% | |
| Ministry of AYUSH | ₹ 3,712 | 0.077% | |
| Ministry of Youth Affairs and Sports | ₹ 3,442 | 0.071% | |
| Ministry of Environment, Forests and Climate Change | ₹ 3,330 | 0.069% | |
| Ministry of Food Processing Industries | ₹ 3,290 | 0.068% | |
| Ministry of Culture | ₹ 3,261 | 0.068% | |
| Ministry of Minority Affairs | ₹ 3,183 | 0.066% | |
| Ministry of Earth Sciences | ₹ 3,065 | 0.064% | |
| Ministry of Corporate Affairs | ₹ 2,667 | 0.055% | |
| Ministry of Tourism | ₹ 2,480 | 0.051% | |
| Ministry of Personnel, Public Grievances and Pensions | ₹ 2,380 | 0.049% | |
| Ministry of Ports, Shipping and Waterways | ₹ 2,377 | 0.049% | |
| Ministry of Civil Aviation | ₹ 2,357 | 0.049% | |
| Ministry of Mines | ₹ 1,941 | 0.040% | |
| The President, Parliament, Union Public Service Commission and the Secretariat of the Vice President | ₹ 1,885 | 0.039% | |
| Ministry of Panchayati Raj | ₹ 1,184 | 0.025% | |
| Ministry of Cooperation | ₹ 1,183 | 0.025% | |
| Ministry of Planning | ₹ 837 | 0.017% | |
| Ministry of Steel | ₹ 326 | 0.007% | |
| Ministry of Coal | ₹ 193 | 0.004% | |
| Ministry of Parliamentary Affairs | ₹ 64 | 0.001% | |
| Total | ₹ 4,820,512 | 100% |