Prepare for a funny take on the new financial policies in “Union Budget 2024: Meme Edition!” We’ll simplify the complicated budget details given by Finance Minister Nirmala Sitaraman and portray the common man’s emotions through hilarious memes that highlight the key aspects of the new strategies. Join in on the fun and see how the figures come together with a smile!
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Key Highlights Of The Budget 2024
Presenting the Budget, Ms. Nirmala Sitharaman stated that the standard deduction for salaried employees will be hiked to INR 75,000, from INR 50,000 under the new income tax regime in FY25.
New Tax Regime
The new tax regime introduces a standard deduction of INR 75,000 for salaried employees. The revised tax rate structure is designed to simplify tax calculations and make the system more equitable. Under the new regime, income up to INR 3 lakh will be tax-free. Earnings between INR 3 lakh and INR 7 lakh will be taxed at 5%, while the 10% rate applies to income from INR 7 lakh to INR 10 lakh.
For those earning between INR 10 lakh and INR 12 lakh, the tax rate will be 15%. Income ranging from INR 12 lakh to INR 15 lakh will be taxed at 20%, and any amount exceeding INR 15 lakh will be subject to a 30% tax rate.
Fiscal Deficit
A fiscal deficit occurs when the government’s total expenditure surpasses its total revenues, resulting in a budget shortage. The fiscal deficit for 2024-25 is estimated to be 4.9% of GDP. However, Ms. Sitaraman aims to reach a deficit below 4.5%.
Education & Skills
The government has made a provision of INR 1.48 lakh crore for education, employment, and skilling. It aims to skill around 20 lakh youth over the next five years through centrally sponsored schemes.
Employment Schemes
The government will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. The schemes will be based on enrollment in the EPFO (Employees’ Provident Fund Organisation), focus on recognition of the freshers, and general support to employees and employers.
Agriculture
The allocation for agriculture and allied sectors is INR 1.52 lakh crore. Large-scale vegetable production clusters would be promoted to increase production, and the government, in partnership with states, will promote digital public infrastructure for agriculture.
What Is Cheaper, What Is Costlier?
In the Union Budget 2024, several items have either become cheaper or costlier. Here is a breakdown of the changes:
Items that became cheaper:
- Mobile phones and accessories: The Basic Customs Duty on mobile phones and chargers has been reduced to 15%.
- Gold and silver: The customs duty on gold and silver ornaments has been lowered to 6%.
- Imported gold, silver, leather goods, and seafood: These items will also become more affordable due to changes in customs duties.
Items that became costlier:
- Telecom goods: The Basic Customs Duty on the Printed Circuit Board Assembly (PCBA) of specified telecom goods has increased from 10% to 15%.
- Plastic and Related Goods: Increased customs duty on plastic products, aiming to encourage domestic production and reduce imports.
Meme Edition
Now that we are aware of the key highlights of Budget 2024, it’s time to look at netizens’ reactions but make it a meme edition! These hilarious and favourite memes break down the significant announcements with humour, making the dry details of the budget more entertaining and relatable. Swipe through the post and get ready to LOL!
One user emphasized, “Kaam aisa karo ki supporters aur opposition milke gaali dein🙂.” While the second user commented, “FM 93.5 🤝 FM Sitharaman BAJATE RAHO.” The third user opened up, “Investment krna chord de kyaaa?? Or new tax regime opt kr le ?? Capital gain tax increase kr diya ..mutual funds ab shi nahi h.” While one of our favourite comment was, “Tax nai diya toh 3000 words ka essay likh skte hai? 😂😂”
While these memes bring some humour, the reality for the middle class is paying hefty taxes only to deal with giant potholes, electricity issues, inflation in every sector, and more. It’s a constant struggle to make ends meet despite their contributions.
Do you think Budget 2024 is feasible or not? Let us know in the comments below!
