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The India Union Budget 2024-25 brings forward significant proposals and initiatives to foster economic growth and comprehensive development across various sectors.

Here’s a snapshot of the key highlights:

Employment Initiatives

Focused on enhancing youth employment and skill development, the budget allocates substantial investments and forms strategic partnerships to create a multitude of internship opportunities and benefit millions of young individuals.

Infrastructure and Rural Development

A significant portion of the budget is dedicated to infrastructure projects, including the construction of highways, new airports, housing initiatives, and rural development programs. Additional funds are allocated for flood mitigation and transforming key areas into tourist destinations.

MSME Upliftment

The budget aims to empower MSMEs by increasing loan limits and expanding financial inclusion initiatives, supporting small businesses to thrive in a dynamic economy.

Innovation and Energy

Investments in research and development for emerging technologies and critical minerals are a key focus of the budget. The budget promotes partnerships for R&D in small modular nuclear reactors and other innovative areas, driving growth and sustainability.

Capital Gains and Angel Tax Reforms

Notable changes in capital gains taxation include the elimination of indexation benefits and a standardized tax rate for long-term gains. The abolition of the angel tax for all investor classes signifies a progressive shift in tax policies.

Individual Taxation Benefits

The budget introduces higher standard deductions and new tax slab rates to benefit individual taxpayers, simplifying the tax filing process and offering financial relief.

Direct and Indirect Tax Proposals

Various proposals aim to streamline tax structures and ease compliance requirements, including amendments to the GST framework and other tax regulations, ensuring a more efficient and transparent tax system.

Refer to our detailed key takeaways document to understand these proposals. Discover how these changes might influence you and your business.