Financial Influencers Share Updates on Union Budget 2024

As Finance Minister Nirmala Sitharaman presents the Union Budget 2024 today. Moreover, everyone is eager to understand its implications for the economy, both broadly and individually. Financial influencers are already sharing their insights and perspectives on the new budget.

Let’s take a look at some key takeaways from Fin-fluencers on Union Budget 2024:

Udayan Adhye’s Pointers

Udayan Adhye highlighted two significant changes to personal income tax introduced in the new budget. He believes these changes are positive. The first change is that individuals with an annual income below INR 7.75 lakhs will not have to pay any tax. The second change involves adjustments to the new tax slabs for different income groups. Previously, a 15% tax was levied on salaries above INR 9 lakhs. Furthermore, but now this 15% rate applies only to income above INR 10 lakhs. However, these changes are applicable only to those under the new tax regime and not the old regime.

Neha Nagar’s Take

Neha Nagar shared a comic video implying that the budget does not offer substantial tax relief for salaried individuals, instead favoring larger business entities. Her lighthearted approach underscores a critical view that the budget might benefit big businesses more than the common salaried employee.

CA Bhagyashree Thakkar’s Insights

CA Bhagyashree Thakkar provided her analysis of the budget. She mentioned that salaried individuals should be pleased with the increase in the standard deduction from INR 50,000 to INR 75,000. However, she also noted that those investing in the stock market or mutual funds for long-term capital gains will now face a 12.5% tax, up from the previous 10%. On the positive side, the exemption on these long-term capital gains. However, has been increased from INR 1 lakh to INR 1.25 lakhs. Additionally, short-term profits from the stock market will now be taxed at 20%, up from the previous 15%.

Himani Chaudhary’s Summary

Himani Chaudhary shared a concise summary of the Union Budget 2024 for the general public. One notable announcement is that the central government will offer students internships in the top 500 companies in India, with a stipend of INR 5,000 per month. They will also get a one-time additional payout of INR 6000. Additionally, she pointed out that gold, silver, copper, steel, mobile phones, and chargers will become cheaper following this budget.

Overall, the Union Budget 2024 has brought a mix of changes affecting various sectors and income groups differently. As more details unfold, individuals and businesses will continue to assess the impact on their financial planning and strategies.