Middle-Class Gains in Budget 2024: Sitharaman Explains

In an exclusive interview with Aaj Tak, Finance Minister Nirmala Sitharaman explained the benefits for the middle class in the Union Budget 2024. She highlighted changes in tax slabs and increased standard deductions aimed at providing relief to salaried individuals.

Key Changes in Tax Slabs

Sitharaman announced a significant change in tax slabs. The standard deduction was increased from Rs 50,000 to Rs 75,000. This change aims to benefit salaried individuals by reducing their taxable income. Additionally, the new tax regime offers a 5% tax rate for income between Rs 3-7 lakh, 10% for Rs 7-10 lakh, and 15% for Rs 10-12 lakh.

Subsidized Education and Housing Loans

The Budget also introduced a subsidized education loan of up to Rs 10 lakh for middle-class children. This initiative aims to make higher education more accessible. Furthermore, the government announced a rebate on affordable housing loans. These measures are designed to provide financial relief and support to the middle class.

Liberalised Remittance Scheme (LRS)

The Budget also included provisions for the Liberalised Remittance Scheme (LRS). The amount for LRS has been increased, allowing individuals to remit more funds abroad. This change is particularly beneficial for those seeking to invest or spend money internationally.

Focus on Middle-Class Welfare

Sitharaman emphasized that the government’s policies are focused on the welfare of the middle class. She stated, “We are bringing in various schemes to benefit the middle class. It is not just one aspect; we are working in multiple areas to provide comprehensive support.”

Conclusion

The Union Budget 2024 offers several benefits for the middle class. From tax relief to subsidized loans, the government’s initiatives are designed to provide financial stability and growth opportunities for middle-class families. These measures reflect the government’s commitment to supporting the economic well-being of its citizens.