Budget 2024: New Income Tax Slabs & Rate Cuts Will Benefit the Middle Class?| Explained

Finance Minister Nirmala Sitharaman revised tax slabs in the new regime, expanding the first taxable bracket from ₹3-6 lakh to ₹3-7 lakh, while maintaining the 5% tax rate. Standard deductions were increased, but details weren't provided. No changes were made for incomes below ₹3 lakh, the ₹12-15 lakh slab, or incomes above ₹15 lakh. These adjustments aim to benefit the middle class by potentially reducing their tax burden. However, the full impact depends on individual financial situations and requires further analysis.

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Transcript

00:00Namaskar, you are watching One India Hindi and I am Naman Mathke with you.

00:05The Foreign Minister of the country, Nirmala Sitharaman has presented the Aam Budget,

00:09where this budget has come with many expectations and has brought many benefits.

00:15What is special in this budget and what will we see in the coming time?

00:21To know this and to tell us this, let's go directly to CA Amit Kumar Jain

00:26and know what kind of budget this is

00:28and what is special about this budget for the common people.

00:32Welcome to our channel.

00:34My first question to you is that what is special about this Aam Budget?

00:41You are the CA and you know it very closely.

00:46If we explain to the common people in simple language,

00:50how will we be able to tell them that this budget is enough for them

00:53and what are the shortcomings in this budget?

00:56First of all, I would like to thank you for having me on this stage

01:01and for nominating me for this.

01:05The budget that our Foreign Minister has presented today,

01:09it has been presented keeping in mind the vision of the coming year 2047,

01:16in which our respected Prime Minister Modi ji,

01:19who is moving forward with the vision of a developed India,

01:24this budget has been presented keeping that in mind.

01:27There are some good things in the budget,

01:30like the medicines that we import for cancer patients,

01:35they have removed the custom duty on it and made it free.

01:39For mobile and solar panels, benefits have been given in custom duty.

01:44Along with that, the benefit given in income tax,

01:49which is for a normal person,

01:52the standard deduction of Rs. 50,000 has been increased to Rs. 75,000.

01:57Along with that, the tax slab, which comes in the new regime,

02:02has also been changed,

02:06which will benefit the common man.

02:10Some changes have been made in this way,

02:13which I can't say is for the common man,

02:16but I can say that the business and business institutions,

02:19like the partnership firms, are a bit typical for them.

02:23They have provided TDS on the remuneration given to the partners from the partnership firms.

02:30Along with that, the capital gain has changed a lot.

02:35The shares and securities market,

02:37in which there are 12 crore demand holders today,

02:41and 12 crore people are somehow connected to the share market today.

02:47In that, the short-term capital gain, which used to be 15%,

02:51has been increased to 20%.

02:54The long-term capital gain, which used to be 10%,

02:57has been increased to 12.5%.

03:00Along with that, the capital gain exemption has been increased from Rs. 1 lakh to Rs. 1.25 lakh.

03:06So, the meaning of a budget is a budget,

03:11which can't fulfill everyone's expectations.

03:16If we talk about the budget, what has come for the youth this time?

03:20Along with that, there are a lot of things on which the focus of the common man is.

03:25When a common man looks at the budget,

03:27he wants to know what is special for him in this budget.

03:30So, what is special for a common man in this budget?

03:33First of all, let me tell you that this is the 13th budget of the Modi government,

03:38and the 7th budget of our minister.

03:41In this 7th budget, they have focused on 9 areas,

03:50in which a lot of things have been given for the youth.

03:53When a youth is going to work for the first time,

03:57he is being provided a salary from the government.

04:00When the number of employments in an organization is increasing,

04:05they have provided PF remittance.

04:08So, overall, keeping the youth in mind, this whole budget has been made.

04:15If we talk about this, the budget that came last time and the budget that has come this time,

04:19did we see any difference in this budget?

04:22Did we see any special changes that have changed this time instead of last time?

04:27Sir, the budget that came last time was an interim budget.

04:30And since the elections were ahead, it was according to the interim budget.

04:34Now, the budget that has come,

04:36it has been made with the provision of 5 years and also with the target of 2047.

04:42If we talk about this, I will take the last question from you.

04:44There is a lot of discussion about property here.

04:47There are many new and old things in the property.

04:50Are we seeing any changes related to property in this budget?

04:55Sir, the provision related to property that I have not seen in its entirety,

05:00but what I have read is that the capital gain indexation benefit that is available,

05:05that indexation benefit has been removed by the government.

05:09And the tax rate, which used to be 20% in the long term,

05:13has been reduced to 12.5%.

05:16Now, what will be the repercussions of this?

05:19What impact will it have in the future?

05:21That will be known in the future.

05:23Definitely.

05:24So, he was with us, CA Amit Kumar Jain,

05:26who explained in detail about the budget presented by PM Nirmala Sitharaman today

05:31and the impact it will have in the future.

05:34Anyway, now it will be interesting to see when the country will move forward

05:39and what kind of impact we will see in the coming period of the budget.

05:42Namaste from Indore for One India Hindi.

05:44Thank you.

Budget 2024: New Income Tax Slabs & Rate Cuts Will Benefit the Middle Class?| Explained

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