As Budget 2024 approaches, Indian taxpayers are eagerly anticipating measures that will address their concerns and improve their economic well-being. The budget is a crucial document that sets the tone for the country’s financial health and policies for the upcoming year. Here are the top five Budget 2024 expectations from Indian taxpayers.
Also read: Budget 2024: Date, Time, What to Expect around Income Tax Rules
1. Tax Relief
Tax relief is at the forefront of every taxpayer’s mind. With rising living costs and inflation, there is a strong demand for the government to implement measures that reduce the financial burden on individuals. Taxpayers are hoping for a reduction in income tax rates across various slabs with the Budget 2024 expectations which would increase their disposable income. Additionally, there is a call for higher exemption limits for savings instruments under sections like 80C, 80D, and 24(b). An increase in the standard deduction for salaried employees would also help in adjusting for inflation and the rising cost of living.
2. Job Creation
Unemployment remains a significant issue in India, and job creation is a critical expectation from the budget. Taxpayers are looking for incentives for businesses, particularly small and medium enterprises (SMEs), through tax breaks and subsidies to encourage hiring. There is also a need for government-backed training programs aimed at improving employability in emerging sectors. Enhanced funding and support for startups would drive innovation and job growth, providing much-needed employment opportunities.
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3. Affordable Healthcare
Access to quality healthcare is a fundamental need, and the budget plays a crucial role in enhancing healthcare services across the country. Taxpayers expect increased budget allocation toward building healthcare infrastructure and improving existing facilities. The expansion of government health insurance schemes to cover a larger section of the population is also anticipated. Lowering the cost of essential medicines and treatments through subsidies and price controls would make healthcare more affordable and accessible.
4. Education Support
Investing in education is vital for the long-term economic and social development of the country. Taxpayers hope for enhanced support for educational initiatives, including upgrading infrastructure in schools and colleges, hiring qualified teachers, and improving learning resources. More scholarships for meritorious and underprivileged students would ensure access to higher education. Additionally, investments in digital infrastructure and resources to facilitate online learning are crucial in today’s technology-driven world.
5. Agricultural Support
Supporting the agricultural sector is essential for ensuring food security and economic stability. Farmers expect comprehensive measures to safeguard their interests and livelihoods. This includes simplified processes and lower interest rates for agricultural loans, higher subsidies on seeds, fertilizers, and other essential farming inputs, and robust insurance schemes to protect against natural disasters and market fluctuations. Ensuring stable incomes for farmers is critical for the overall health of the economy.
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When is the Budget 2024?
On July 6, 2024, President Droupadi Murmu gave her approval for the Parliament’s budget session, to run from which is from July 22 to August 12. This marks the budget session of FY 24-25 for the government.
Finance Minister Nirmala Sitharaman will announce the Union Budget 2024 on July 23 at 11:00 a.m. IST in the Parliament. The Union budget presentation is one of the most important events for the economy as it mentions all the rules, government finance plans, and policies that will be followed for the upcoming financial year.
Who will Present the Budget 2024?
The Union budget will be presented in the parliament by our Finance Minister Nirmala Sitharaman. This will be the first budget of the Modi 3.0 Tenure and the full budget for the year 2024. Previously, FM Nirmala Sitharaman announced the Interim Budget on February 1, 2024, as the previous tenure of government ended this year.
Wrapping Up
The Budget 2024 has the potential to significantly impact the lives of Indian taxpayers. By addressing key areas such as tax relief, job creation, healthcare, education, and agricultural support, the government can foster a more prosperous and equitable society. Meeting these expectations will be crucial in driving growth and improving the quality of life for the common people. As the budget is unveiled, it will be closely watched to see how well it aligns with the hopes and aspirations of millions of Indian taxpayers.
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FAQs
What to expect from the Budget in 2024?
- Tax Relief: Many people hope for a reduction in income taxes or increased tax exemptions to leave more money in common people’s pockets.
- Job Creation: With unemployment being a huge problem, people expect measures that will generate new job opportunities for the skills that they have.
- Affordable Healthcare: Improved access to affordable healthcare and more funding for public health services are some of the most expected things.
What is the time of the Budget announcement in 2024?
Finance Minister Nirmala Sitharaman will announce the Union Budget for 2024–2025 On July 23 at 11:00 a.m. IST in the Parliament.
Is there any change in the tax slab in budget 2024?
In the upcoming budget, experts expect a significant change in the tax structure. They are of the mindset that the government may increase the basic tax exemption limit under the new tax regime from Rs 3 lakh to Rs 5 lakh annually
