Union Budget 2024 and Your Money | Key Tax and Investment Insights

Samriddhi Volume 12 Edition 02 by ABSLMF

The Union Budget 2024 brings a wave of changes designed to support economic growth and strengthen the financial well-being of Indian citizens. Whether you are a salaried individual, investor, or business owner, this edition helps you understand how new measures can influence your financial decisions.

A key change is the introduction of new Tax Saving Investments, aimed at reducing the tax burden and making the system more transparent for middle-income earners. The Standard Deduction has also been increased, helping taxpayers take home more of their income. Investors will notice the impact of the revised Capital Gains Tax Changes, which alters how profits from short-term investments are taxed. The removal of indexation benefits may affect long-term strategies, requiring a fresh look at portfolio planning. Additionally, the Securities Transaction Tax Increase could influence day-to-day trading decisions.

This budget emphasizes growth through infrastructure with a notable Capital Expenditure Increase, promoting large-scale development under initiatives like Smart Cities Development and the Housing for All Scheme. These efforts are expected to generate jobs and improve urban living standards.

In line with environmental goals, the government has boosted its commitment to sustainability through expanded Renewable Energy Investment India. Projects in solar and wind energy reflect a strong push toward a cleaner, greener future.

Inclusive development also takes center stage. Programs such as the Women-Led Development Schemes and Skill Development Program 2.0 aim to empower citizens, especially women and youth, through education and entrepreneurship. Long-term savings are encouraged with steps like the National Pension Scheme for Minors, fostering early financial planning. A robust performance in GST Collections FY 2024-25 signals positive business sentiment and better compliance, supported by continued efforts to simplify the tax structure.

This edition offers a comprehensive breakdown of how these changes affect your income, investments, and plans.

Key Insights:
• New Tax Saving Investments aim to simplify taxes and ease the financial load for the middle class.
• A higher Standard Deduction gives individuals more financial flexibility.
• Capital Gains Tax Changes India require investors to rethink strategies.
• Increased Capital Expenditure supports growth through infrastructure and urban development.
• Rising GST Collections FY 2024-25 suggest stronger compliance and economic activity.
• Social programs like Women-Led Development Schemes promote inclusive progress.

Takeaways:
• Taxpayers can benefit from new deductions and should plan accordingly.
• Stay updated on capital gains reforms to manage your investments better.
• Development projects under Smart Cities Development offer new opportunities.
• Renewable Energy Investment India supports sustainable growth.
• Factor in the Securities Transaction Tax Increase when trading.
• Government programs aim to include all citizens in the nation’s progress.

Why Download This Edition eBook?
• Understand the real impact of Union Budget 2024 on your money.
• Decode complex reforms like Capital Gains Tax Changes and Tax Saving Investments in simple terms.
• Learn how to benefit from schemes like Housing for All Scheme and Skill Development Program 2.0.
• Navigate changing tax and market landscapes with confidence.
• Get actionable advice for financial planning, including mutual funds and retirement options.
• Equip yourself with knowledge to make smart, future-focused decisions.

Download Union Budget 2024 and Your Money | Samriddhi Volume 12 Edition 02 and take charge of your financial future!

Disclaimer:
The Tax calculation shown above is for illustration purpose and general information only. Amount(s) mentioned above may undergo a change if assumptions specified herein do not hold good. Investors are advised to read the scheme information document of the scheme carefully before investing and consult their Tax Consultant or Financial Advisor to determine tax benefits applicable to them.

An Investor education and Awareness initiative of Aditya Birla Sun Life Mutual Fund.
All investors have to go through a one-time KYC (Know Your Customer) process. Investors to invest only with SEBI registered Mutual Funds. For further information on KYC, list of SEBI registered Mutual Funds and redressal of complaints including details about SEBI SCORES portal, visit link : https://mutualfund.adityabirlacapital.com/Investor-Education/education/kyc-and-redressal for further details.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
म्यूचुअल फंड निवेश बाज़ार जोखिम के अधीन हैं, योजना संबंधी सभी दस्तावेज़ों को सावधानी से पढ़ें।