Union Budget 2024-25 – All You Need to Know

The Union Budget is a yearly financial plan presented by the Finance Minister of India for the development of the country. For the year 2024-25, Finance Minister Nirmala Sitharaman announced important changes to simplify the tax system and boost economic growth. With a focus on job creation and youth skilling, ‘EMPLOYMENT’ was the theme of Union Budget 2024-25.

Here, each letter represents a key focus area: Employment, MSMEs, Productivity, Land, Opportunity, Youth, Middle Class, Energy Security, New Generation Reforms, and Technology. These ten priorities outline the government’s strategy for economic growth and development.

Budget 2024 Key Highlights

Below are the major announcements from the Union Budget 2024:

• Income Tax Changes: Introduction of new income tax slabs and an increase in the standard deduction.
• Social Security: Enhancements to the National Pension Scheme (NPS) deductions.
• Sectoral Focus: Emphasis on agriculture, MSMEs, and employment generation.

Taxation Changes

The budget introduces several changes to the income tax regime. So, here are the revised tax slabs under the New Tax Regime:

New Tax Slabs

• Up to ₹3 lakh: 0%
• ₹3 lakh to ₹7 lakh: 5%
• ₹7 lakh to ₹10 lakh: 10%
• ₹10 lakh to ₹12 lakh: 15%
• ₹12 lakh to ₹15 lakh: 20%
• Above ₹15 lakh: 30%

With this new regime, salaried employees can save up to ₹17,500/- in income tax.

• Income Tax Standard Deduction: Increased from ₹50,000 to ₹75,000 to provide more relief to salaried employees.
• Long Term Capital Gains Tax: LTCG gains tax hiked from 10% to 12.5%.

Social Security and Employment Benefits

The budget also introduces several measures to enhance social security and employment:

• Increased NPS Deductions: Employers’ contributions to NPS have been increased from 10% to 14% of the employee’s salary.
• One-Month Wage for New Entrants: The government will provide a one-month wage to all new employees in the formal sector in 3 instalments up to ₹15,000. This would directly be transferred as part of their provident fund contribution.
• Family Pension Deduction: The deduction on family pensions has been increased from ₹15,000 to ₹25,000, thereby, providing better financial stability to pensioners.

Impact On Major Sectors and Funds Allocation

Different sectors are set to benefit from various budget allocations:

• Agriculture and Allied Sectors: ₹1.52 lakh crores have been allocated to enhance strength and productivity in the agricultural sector.
• Education: For education and employment, a total of ₹1.48 lakh crores has been allocated.
• Healthcare: Funds of approximately ₹90,958 crores are allocated for building healthcare facilities to improve public services.
• Infrastructure: To maintain and increase infrastructural development, ₹11.11 lakh crores have been allocated in the Union Budget 2024.
• Urban Development: For upgrading urban infrastructure, ₹82,575 crores have been allocated by the government.
• Technology and Innovation: A total of ₹21,936 crores has been allocated to the Ministry of Electronics and Information Technology to support startups and technology companies.

Revenue and Expenditure

The budget outlines the government’s revenue and expenditure plans:

• Revenue Forgone: Approximately ₹37,000 crore in revenue will be forgone due to the new tax changes, with an additional ₹30,000 crore to be mobilised.
• Expenditure Plans: The government is set to spend ₹48,20,512 crore in 2024-25, which is 8.5% more than the actual expenditure in 2023-24. The major expenditure areas include agriculture, infrastructure, social welfare programs, and employment schemes.

Economic Projections and Targets

• GDP Growth: The budget highlights the expectation for continued strong economic performance.
• Fiscal Deficit: A target set at 4.9% for the fiscal deficit with plans to reduce it to 4.5%.

MSMEs and Employment Generation

The budget also looks forward to supporting Micro, Small, and Medium Enterprises (MSMEs) and generating employment. As a result, it doubles the Mudra loan limits to ₹20 lakh and implements a digital credit assessment model to nurture growth in the MSME sector.

Impact On Gold Price

As per the Budget 2024, the import duties on gold have been reduced from 15% to 6%. This custom duties cut will reduce the taxes on gold from 18.5% to 9%, eventually, reducing the price of gold.

Conclusion

So, this sums up the basics of the Budget 2024 key updates.

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How to Get a Personal Loan Without ITR?

Do not have an income tax return (ITR) but are looking for a personal loan? Worry not! Though many lenders ask for an ITR to check your income and ensure you can repay the loan, there are ways to get an instant personal loan even if you do not have one. In this brief guide, let’s dive deeper into the topic and understand how to get a personal loan without ITR. You would also learn the importance of ITR, tips on getting an instant loan without ITR, documents required for a personal loan without ITR, and more.

What is an ITR?

An Income Tax Return (ITR) is a form that you file with the government to report your income for the year. It is a way to show how much money you earned and whether you paid the right amount of taxes. Personal loans on ITR are quite common as lenders often ask for ITR to confirm if you have a steady income and can repay a loan.

Importance of ITR

ITR shows your income over the past financial year and hence, it is proof that you have a regular income. It makes it easier to get a loan, especially if you are asking for a large amount. Having an ITR would help you get lower interest rates as it shows you are a low-risk borrower. Filing ITR also allows you to claim tax deductions, and if you file it regularly, then it would boost your credit score.

Scenarios Where You Might Not Have an ITR

• Freelancers or small business owners may not file ITR if their income is below the taxable limit.
• If you just started working, you might not have filed an ITR yet.
• If you are currently not working, you might not have an ITR.
• Senior citizens living off their savings might not need to file an ITR.

Alternative Documents and Proofs to Secure a Personal Loan Without ITR

Here are the documents required for a personal loan without ITR:

• Bank statements for the past 6-12 months
• Recent pay slips from your job
• Form 16 from your employer
• GST returns for business owners
• Rental income proof
• Property documents, if you own a property
• Investment proof
• An excellent credit score

Types of Personal Loans Available Without ITR

• Secured loans where you provide something valuable like gold or property as security
• Instant personal loans from apps 
• Loans secured by your investments such as shares
• Loans based on your salary slips and bank statements
• Loans from Non-Banking Financial Companies
• Loans against salary account

Tips for Securing a Personal Loan Without ITR

• Always keep an excellent credit score
• Use bank statements, salary slips, or other documents to show income
• Offer something valuable as security can help you get a loan
• Choose the right lender like CASHe
• Keep your existing loans and debts manageable
• Start with a smaller loan amount, If it is your first time borrowing without ITR

Conclusion

This is how you can get a personal loan without ITR. Now, if you are looking for an instant personal loan without income proof and with competitive interest rates, then download the CASHe app. CASHe offers instant personal loans without ITR and provides a simple and fast way to apply for a loan with minimal paperwork. So, wait no further, and explore instant personal loan options today!