As we approach the announcement of Budget 2024, anticipation is building regarding the changes it might bring. This budget is particularly significant, as it will outline the government’s financial and economic policies for the coming fiscal year. For many, the focal point is the income tax rules, which directly impact the financial planning of individuals and businesses. In this blog, we will list key details regarding the date and time of the budget 2024 announcement and what to expect around income tax rules.
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.
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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.
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What are the Expected Changes in the 2024 Budget?
Budget 2024 will discuss many important factors as it will be the first full budget for the year. The budget will likely focus on major areas of improvement and growth of the economy. Here are a few expected changes in the budget 2024 are
- Reducing Deficit: Reducing the budget deficit—the difference between government revenue and expenditure—is part of the administration’s objective. By 2026, they aim to reduce it to less than 4.5% of GDP, after reducing it to 5.1% of GDP the year prior.
- Sector Reforms: There will be special changes in areas like farming, banking, and taxes. It will include more loans for farmers, promoting different types of crops, and improving financial institutions.
- Social Welfare: The budget will prioritize balanced development by providing underprivileged people with improved access to healthcare, education, and employment opportunities.
- Infrastructure and Jobs: There will be investments in building infrastructure, digital projects, and renewable energy to create more jobs and attract private investments.
- Tax and Financial Reforms: Other agenda items include simplifying tax laws and improving the financial industry through digital strategies and regulatory changes.
The budget is expected to create foundations for continued economic expansion and stability, with an eye toward 2047—the year India marks the 100th year of independence.
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What are the Expectations of Common People From the 2024 Budget?
Since Budget lays the foundations for the economic workings and the various policies that will impact the day-to-day workings of common people, it’s pretty understandable that common people have certain expectations from the Budget 2024. Here’s something that common people will be looking forward to in terms of health care, tax relief, etc.
- 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.
- Education Support: More investments in education, including better facilities and more scholarships, are needed to help children and young adults.
- Agricultural Support: Farmers expect better support through loans, subsidies, and crop insurance to ensure stable incomes and protect against uncertainties.
- Infrastructure Development: Better roads, public transportation, and utilities are anticipated to improve everyday living conditions.
- Social Welfare: Enhanced social welfare programs like subsidies, pensions, and support for excluded communities to ensure a more equitable society.
- Inflation Control: Measures to control the rising prices of essential goods and services are important for maintaining the cost of living.
Will Budget 2024 Impact Filing of ITR FY 23-24?
Rather than affecting the current fiscal year (FY 23–24), the 2024 budget will largely affect financial planning and policies for the next one (FY 24–25). However, the filing procedure for FY 23–24 may be impacted by any approaching tax reforms or adjustments to tax rates that are mentioned in the budget. For example, when submitting their returns for the current fiscal year, both individuals and businesses may need to take into consideration newly set up tax exemptions or deductions. Future economic efforts will typically be the budget’s main focus, rather than making adjustments to the current fiscal year’s data now.
Wrapping up
The goal of the Budget 2024 is to reduce the gap between government spending and revenue, with a target of 5.1% of GDP in the upcoming year and less than 4.5% by 2026. With these changes, it intends to boost agriculture, banking, and taxation while also investing in digital efforts, infrastructure development, and renewable energy to bring in private capital and generate employment. Enhancing social services for health, education, and employment for the underprivileged is another goal of the budget. In general, it charts a course for consistent economic expansion, predicting India’s 100th anniversary of independence in 2047.
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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
