Unlike the Olympic Games, economic frames lack obvious goals. Fiscal policy, in particular, is too complex for the shackles of our fiscal responsibility and budget management law. Amend it. But the Centre’s fiscal deficit should still be kept under closer watch than its debt level. Here’s why.
STCG in Budget 2024: FM Sitharaman announces raising of taxesRead More
FM unveiled a revised tax framework for long-term capital gainsRead More
Standard Deduction for salaried individuals hiked Read More
Comprehensive internship scheme for one crore youth in top companies over five yearsRead More
Employment-linked incentives, including one month’s wage support for first-time employeesRead More
Women-specific skilling programs and increased workforce participationRead More
Special attention to MSMEs and manufacturing sectorRead More
Credit guarantee scheme and term loans for machinery purchase
SIDBI to open 24 new branches to serve MSME clusters
Financial support for higher education loans up to ₹10 lakhs in domestic institutions
₹2.66 lakh crore provision for rural development
Initiative to introduce 1 crore farmers to natural farming over 2 years
Rental housing in PPP mode for industrial workers
New airports, medical facilities, and sports infrastructure for Bihar
Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors
Over ₹3 lakh crore allocated for schemes benefiting women and girls
Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years, benefiting over 80 crore people
No indexation benefit for property sales; new LTCG rate fixed at 12.5%Read More
Budget 2024 removes indexation benefits for property sales and reduces LTCG tax from 20% to 12.5%. CLSA expects negative impact on shorter duration investments with moderate price growth.
Budget 2024: Indexation will be provided at price in 2001 or at which the property was bought plus indexation till 2001 whichever was lower, explains government official in a media interaction relating to capital gains tax
Budget 2024: Many landlords tend to show their rental income wrongly under ‘profits and gains of business and profession’ instead of ‘income from house property’. Now, the government has tweaked rules to prevent this tax avoidance.
The LTCG tax rate on property sales has decreased from 20% to 12.5%, but the indexation benefit has been eliminated. Previously, this benefit allowed the adjustment of purchase prices to account for inflation, thereby lowering taxable profits.
Wooing the middle class ahead of the upcoming general elections, Finance Minister Nirmala Sitharaman on Thursday announced that the government will launch a housing scheme for those who are living in rented accommodations or slums to buy or build their own houses
The RBI has also announced the auction of Treasury Bills amounting to ₹19,000 crore across time duration of 91 days, 182 and 364 days.
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Calculate NowIncome Tax: The sections under which taxpayers can give their suggestions include simplification of language, litigation of reduction, compliance reduction and redundant provisions of income tax law.
Income Tax Budget 2024 Live: All eyes are right now on the Finance Minister Nirmala Sitharaman as she presents the much-awaited Budget speech. Will she tweak income tax slabs? Will the Budget increase the Standard Deduction? Should the stock market expect tightening on F&O trade? FM’s Budget speech will answer all those questions. The finance minister is also expected to present a separate J&K Budget.
Finance Minister Nirmala Sitharaman will present her seventh Budget on July 23. This will be the first Budget after the newly formed NDA coalition government in June 2024. Budget is a statement of the estimated receipts and expenditure of the government for the financial year. The theme for the interim budget presented in July was Viksit Bharat Budget 2024.
This budget is a major component of Modi 3.0 and the government’s mission for a developed India. The Budget presentation will be at 11 AM in the Lok Sabha. It will be broadcast on Doordarshan, Sansad TV and the government’s official YouTube channels.
The Economic Survey 2024 was presented by Finance Minister Nirmala Sitharaman in the Parliament on July 22. The survey is presented a day before the budget. The Economic Survey gave an overview of the Indian economy in the previous financial year with an outlook for future. The survey highlighted the resilience of the Indian economy despite global headwinds. "India’s real GDP grew by 8.2 per cent in FY24, posting growth of over 7 per cent for a third consecutive year, driven by stable consumption demand and steadily improving investment demand," said the survey.
Minister of Parliamentary Affairs, Kiren Rijiju, added on X, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024."
This budget is important for Amrit Kaal, Prime Minister Narendra Modi said ahead of the Parliament budget session.
The opportunity of five years that we have, this budget will decide the direction and lay foundation for fulfilling the dream of Viksit Bharat in 2047, he said.
Budget 2024 expectations
In her recent address President Droupadi Murmu had shared her vision for the budget and the economic aspect of the country. She said, "This budget will be an effective document of the government’s far-reaching policies and futuristic vision". "Along with major economic and social decisions, many historic steps will also be seen in this budget." This indicates to the country that large steps are going to be taken to achieve the government’s plan. Expected reforms in the Budget include changes in taxation and exemptions in personal income tax. Further, the government is expected to continue with capex boost in infrastructure.