Budget 2024-25: Relief will increase on income from fixed deposits! Small investors can get a big gift

Union Budget 2024-25 : Finance Minister Nirmala Sitharaman may present the full budget for the financial year 2024-25 in Parliament next month. There are reports that the general budget will be presented in the third week of July. At present, the whole country is looking at the upcoming budget. It is believed that some populist announcements can be made in this budget. Experts believe that this time while the government’s focus will be on creating maximum employment opportunities, taxpayers can also be given big relief. The government can make announcements like change in tax slab or tax relief on interest income.

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Relief will increase on FD interest

State Bank of India (SBI) Chairman Dinesh Kumar Khara has advocated tax relief on interest income. He said that this will help banks to raise savings, which can be used to finance long-term infrastructure projects. Finance Minister Nirmala Sitharaman may present the full budget for 2024-25 in Parliament next month. At present, banks have to deduct tax in a situation when the interest income from deposits in all bank branches exceeds Rs 40,000 in a financial year.

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Big incentive to depositors

In the case of savings account, interest earned up to Rs 10,000 is not taxable. According to Khara, if tax exemption can be given on interest income in the budget, it will be a big incentive for depositors. After all, the banking sector uses the deposits raised for capital formation in the country. Given the current economic growth rate, the SBI chairman expects 14-15 percent credit growth (loan growth) during the financial year 2024-25.

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Emphasis on increasing employment

Economists have said that apart from promoting the infrastructure sector, the 2024-25 budget should also focus on increasing employment. This was said by the economists who participated in the pre-budget consultation meeting with Finance Minister Nirmala Sitharaman. Swadeshi Jagran Manch national co-convenor Ashwini Mahajan said that unemployment is a big issue and the government should focus on creating employment opportunities. He said that given the boom in the economy, consumption demand is not going to be a problem.

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The scope of PLI may increase

Nagesh Kumar, Director and Chief Executive of the Institute for Study of Industrial Development (ISID), said that we discussed a lot on the need to advance the infrastructure sector. Incentives should be provided in the budget to promote MSMEs and textile sector. Nagesh advocated expanding the scope of the Production Linked Incentive (PLI) scheme.