Union’s Interim Budget for 2024
On Thursday, February 1, at 11 a.m., Nirmala Sitharaman will deliver the final Union’s Interim Budget for 2024 of the Narendra Modi administration’s second term.
Ahead of the Lok Sabha elections on Thursday, February 1, at 11 a.m., Finance Minister Nirmala Sitharaman will deliver the final or interim budget (for the financial year 2024–25) of the second term of the Narendra Modi government. Plans are anticipated to be fiscally responsible with a focus on infrastructure spending but heavy on political messaging.
However, only a few weeks before the Model Code of Conduct takes effect prior to the general elections, the Interim Budget offers a spectacle. Get Real-Time Updates on 2024 Budget.
Summarized Union Budget 2024.
With a summary of the achievements of the Modi government over the past ten years and suggestions for the direction it wishes to take the nation, Nirmala Sitharaman’s sixth consecutive budget might be seen as a political document.
After recent decisive wins in three states—Rajasthan, Madhya Pradesh, and Chhattisgarh—the pressure for populist measures has subsided. As a result, the finance minister is expected to continue being fiscally responsible while doling out favors to industries like agriculture and other growth engines that will increase consumption and create jobs.
Income-tax
Experts anticipate greater income tax exemption limits, assistance for female entrepreneurs, a long-term tax strategy, and measures to promote savings and consumption from the interim budget.
They also want limited liability partnerships, corporations, and partnerships to pay the same taxes.
“Although this will only be an interim budget, there might be some signs of advantages from the complete budget. According to national head of the All India Federation of Tax Practitioners Narayan Jain, “there may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to ₹8 lakh from now ₹7 lakh, inclusive of rebates.”