₹₹ Union Budget: All that you need to know

A readable summary of every important announcement (for the tech and business sector) ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more NextBig-What is on a mission to enable you to make you micro-smarter every day - across a range of topics (AI to mental health, psychology to economics). Subscribe to experience the magic! Grab your limited-time special offer. [Get 20% off for 1 year]( --------------------------------------------------------------- [₹₹ Union Budget: All that you need to know]( A readable summary of every important announcement (for the tech and business sector) Jul 23   [READ IN APP](   Today is the day when everyone dons the hat of an economist and tells you what’s right or wrong about the budget. [Interim Budget 2024: Read full text of Finance Minister Nirmala ...]( We, instead curate everything for you - saving you time and delivering all the big ideas to you. Take a cup of coffee (or tea) and enjoy. --------------------------------------------------------------- Key points - Angel tax abolished - In future, EVs will hopefully get cheaper as mineral import duty waiver has been proposed [Upgrade to paid]( - If you sell on ecommerce sites, your working capital gets a breather as you will only pay 0.1% TDS - Defense received 12.9% of total Budget of GoI for FY 2024-25! - A lot of investment in education/upskilling - we hope this translates to a better skilled workforce a few years from now. - Working women’s hostel and creches to be setup in collab with industry, i.e. special focus on women employment. --------------------------------------------------------------- Angel Tax abolished. Really. FYI: Angel tax was introduced in 2012 to curb money laundering, but finally abolishing angel tax does 10X to the doing business in India ranking, hopefully! [Share]( --------------------------------------------------------------- [Presentation of the Union Budget 2024-25 by Hon'ble Finance Minister @nsitharaman. #UnionBudget2024 । #Budget2024onAkashvani । #Budget2024 ◾️FM #NirmalaSitharaman: "Nuclear energy is expected to form a very significant part of the energy mix for Vikshit Bharat. Towards that pursuit, our government will partner with the private sector for : 1. Setting up Bharat Small Reactors. 2. Research and development of Bharat Small Modular Reactors. 3. Research and development of newer technologies for nuclear energy. The R&D funding announced in the Interim Budget will be made available for this sector as well."]( --------------------------------------------------------------- No penalty for non-disclosure of foreign ESOPs, pension assets worth up to Rs 20 lakh: B “Non-reporting of such small foreign assets has penal consequences under the Black Money Act. Such non-reporting of movable assets up to Rs 20 lakh is proposed to be de-penalised” - FM --------------------------------------------------------------- 1000 Cr VC fund for SpaceTech The government will set up a Rs 1,000 crore venture capital fund to promote space technology. The size of India’s space economy is around $8 billion now and the government is targeting to take it to $44 billion by 2033. [Share]( --------------------------------------------------------------- [Image]( More DPI Apps FM has proposed more digital public infrastructure (DPI) in credit, e-commerce, corporate governance as well as in law-and-order sectors. FM suggested that programmes and applications developed at population scale or for consumer usage to address the delivery of these services to a large segment of the population. --------------------------------------------------------------- Custom duty waiver on critical minerals like lithium, cobalt for EV battery FYI: Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like EV, nuclear energy, renewable energy, space, telecommunications etc. --------------------------------------------------------------- Education sector receives Rs 1.20 lakh crore - Funding for schools has increased by 4.2 percent, from Rs 68,804 crore in 2023-24 to Rs 73,008 crore in 2024-25. - Higher education is allocated Rs 47,619 crore for 2024-25, a 7.68 percent rise from the Rs 44,094 crore in 2023-24. [Image]( --------------------------------------------------------------- The TDS rate for e-commerce operators will be reduced to 0.1% (was 1% earlier). - This change is anticipated to assist sellers on platforms like Flipkart, Amazon, Swiggy, and Zomato with their working capital needs. --------------------------------------------------------------- [Share]( More - An increased focus on temple tourism - Long term capital gain tax: from 10% to 12.5% - Short term capital gain tax: from 15% to 20% - Govt cuts custom duty; mobile phones, gold & silver jewellery to get cheaper - Defense received 12.9% of total Budget of GoI for FY 2024-25!... Keep reading with a 7-day free trial Subscribe to NextBigWhat: Startups, AI and You to keep reading this post and get 7 days of free access to the full post archives. 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