How will Budget 2024 impact you? Here's a look

From rewards for the new regime taxpayers to a slew of measures to boost jobs, the first Union Budget of the Modi 3.0 government had several sweeteners for the common man.

The announcements, made by finance minister Nirmala Sitharaman during her seventh Budget speech, are aimed at spurring jobs and stimulating consumpion as the government steers a robust economy which is on the path to becoming the third largest in the world.

Budget 2024: What’s cheaper and costlier? Here's the list

Here's how the Union Budget 2024 can impact various aspects of your life:

* Tax sweeteners in new regime: Finance minister Nirmala Sitharaman made the new regime a bit more enticing by raising the standard deduction to Rs 75,000 from Rs 50,000 earlier. It also revised the tax slabs. The new slabs are:

No tax up to Rs 3 lakh
Rs 3-7 lakh at 5%
Rs 7-10 lakh at 10%
Rs 10-12 lakh at 15%
Rs 12-15 lakh at 20% Rs 15 lakh & above at 30%

For family pensioners, the deduction will go up from Rs 15,000 to Rs 25,000 under the new regime.

* Urban housing: FM Sitharaman announced that the government will allocate Rs 10 lakh crore for the PM Awas Yojana Urban 2.0 which will help fulfil the housing needs of 1 crore urban poor and middle-class families. PMAY-U is a flagship programme of Modi government that aims to provide all- weather pucca houses to people in urban areas.

* Cheaper jewellery, mobile phones: The government has slashed the custom duty on gold & silver to 6% and platinum to 6.4%. The basic custom duty on mobile phone and charger has also been reduced to 15%.

* One-month wage for freshers: All employees entering the formal sector will get a wage of one month of up to Rs 15,000 through the direct benefit transfer route. It will be provided in three tranches and the eligibility limit is of Rs 1 lakh salary. The scheme is expected to benefit 30 lakh youth entering employment, and their employers. Additionally, the government will reimburse Rs 3,000 per month to companies to cover their EPFO contributions for a period of 2 years for every extra hiring.

* Promoting internship: Sitharaman also announced a scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years. Additionally, the youths will get an allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000 through the CSR fund.

* Assistance for women property buyers: FM Sitharaman said that the Centre will encourage states to lower stamp duties for properties purchased by women.

* Fighting cancer: 3 more cancer medicines have been exempted from custom duties

* Future plan for children: The government announced a plan to facilitate parents' contribution to their minor children's National Pension System (NPS) account. To be called NPS Vaatsalya, the account can be converted into a regular NPS plan once the children attain the age of majority (18 years).

* No cheer for investors: The Budget was a bit tough on market players since FM Sitharaman announced hikes in long term capital gains (LTCG) and short term capital gains (STCG) as well as securities transaction tax (STT). LTCG has been raised to 12.5% from 10%. But the exemption limit has now been set at Rs 1.25 lakh per year from Rs 1 lakh earlier. STCG has been raised to 20% from 15%. STT (securities transaction tax) on F&O (futures and options) securities will be increased by 0.02 per cent and 0.1 per cent.