Union Budget 2024 : The first full budget of Modi Government 3.0 will be presented on 23 July this month. Finance Minister Nirmala Sitharaman will present the budget for the seventh consecutive time. The budget session will run from 22 July to 12 August. Parliamentary Affairs Minister Kiren Rijiju has given this information today on 6 July. Let us tell you that before the general elections, the government had presented the interim budget in February. Some big announcements are expected for the common people in the first budget of the new government.
Giving information in an X post, the Union Parliamentary Affairs Minister said that the Honorable President of India, on the recommendation of the Government of India, has approved the proposal to convene both the Houses of Parliament for the Budget Session 2024 from 22 July 2024 to 12 August 2024 (subject to the exigencies of parliamentary business). The Union Budget 2024-25 will be presented in the Lok Sabha on 23 July 2024. There may be some big announcements in this budget…
Budget 2024: What is the call of the salaried this time? Income tax, 80C, savings scheme and more
Standard deduction will be double!
The tax and consulting company suggested that corporate tax rates should be kept stable, TDS provisions should be rationalized, and dispute resolution should be streamlined. The company said that the concessional tax system should continue without exemptions/deductions on the personal tax front. Listing the policy priorities before the new government, E&Y said that to make it more attractive, the standard deduction under the concessional tax system should be increased from the current Rs 50,000 to Rs 1 lakh.
tax exemption limit
There has been no relief in income tax for a long time. There was no change in this even in the interim budget. Under the old tax regime, only income up to Rs 2.5 lakh is tax free. However, tax can be saved on income up to Rs 5 lakh under section 87A. Under the new tax regime, income up to Rs 3 lakh is tax free as before. In this too, under 87A, salaried persons can get exemption on income up to Rs 7.5 lakh and the remaining income up to Rs 7 lakh. It is believed that this time some relief can be given in the tax slab.
Budget 2024: Why subsidy is given in the budget, did the expenditure increase or decrease in 10 years of Modi government
3 crore lakhpati sister
In the interim budget, the target was set to make 3 crore women Lakhpati Didi. It is believed that some special announcements can be made in this budget regarding this. There is a plan to bring all Anganwadi and Asha workers and helpers under the ambit of Ayushman Bharat Yojana, so some clarity can come about this in the budget.
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.
Budget 2024: How much have the tax rules changed in the Modi government, when did the common man get benefit in the last 10 budgets
The emphasis will be on increasing employment
Economists have said that apart from promoting the infrastructure sector, the budget for 2024-25 should also focus on increasing employment. Unemployment is a big issue and the government should focus on creating employment opportunities.
The scope of PLI may increase
Incentives may be provided in the budget to promote MSME and textile sector. There may be an announcement to expand the scope of the Production Linked Incentive (PLI) scheme.
The scope of exemption under 80(C) has been increased
Experts believe that the tax exemption limit under section 80(C) of the Income Tax Act should be increased from Rs 1.50 lakh to Rs 2 lakh. This will increase the attractiveness of those schemes which come under its purview. For example, increasing the scope of tax exemption on schemes like Equity Linked Savings Scheme (ELSS) will further increase the interest of investors in it. Apart from Rs 1.50 lakh, an additional exemption of Rs 50,000 is being given on retirement products like National Pension System.
Same tax on similar products
AMFI has been demanding for a long time that if similar tax is applied on similar products, then people’s interest in mutual funds will increase further. Currently, apart from ELSS of mutual funds, tax exemption is available on insurance, pension funds, NPS. Due to tax exemption, there is a good demand for insurance products and ULIP. Many people also invest in ELSS for tax savings. In such a situation, tax exemption should also be available on those schemes of mutual funds which are like retirement products or insurance products.