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Budget 2024

FM Nirmala Sitharaman will break THIS record in Union Budget 2024

Union Budget 2024: Finance Minister Nirmala Sitharaman is all set to become first ever Finance Minister of the country to present seven consecutive Union Budgets, surpassing the present record by Morarji Desai, who had presented six budgets in a row six decades ago.

1 min read14 Jun 2024

Roof top solarisation and free electricity scheme to 1 crore households under which up to 300 units of free electricity will be given every monthRead More

06:13 AM

A corpus of ₹1 trillion to be set up to give 50 year, interest free loan to encourage private sector to scale up R&D in sunrise sectors.Read More

06:19 AM

Faster adoption of nano Dap after successful implementation of Nano urea. Will help cut fertilizer imports and subsidiesRead More

06:20 AM

Outlay for infrastructure has been increased by 11% for FY25 to ₹11,11,111 crore from ₹10,00,000 crore.Read More

06:20 AM

A comprehensive scheme for promoting dairy development will be launched

06:20 AM

FY24 fiscal deficit estimated at 5.8% of GDP, improving on the initial estimate of 5.8% of GDP.Read More

06:21 AM

FY25 gross borrowing estimated at ₹14.13 trillion, achieving a reduction from that of FY24Read More

06:25 AM

Fifty year interest free loan to states for capex to be continued in FY25 with an outlay of ₹1.3 trillionRead More

06:25 AM
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Can I take benefit of India-UAE DTAA?

If you qualify as a tax resident of the foreign country, upon application, the tax authority of that nation would usually issue a TRC quoting the respective DTAA

3 min read17 Jun 2024

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Income Tax

ITR Filing: Exemptions and deductions that senior citizens can claim for FY24

Age, total income, claimed deductions, exemption limits, and tax regime (old vs. new) are some of the factors that determine an elderly citizen’s income tax burden in India.

4 min read30 May 2024
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Budget 2024: Govt proposes housing scheme for middle class, 2 crore rural houses to get backing

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

2 min read1 Feb 2024

FM gives a boost to homebuyers on a budget

The government will launch a housing scheme for people living in rented accommodation, slums or unauthorized colonies. The announcement is in line with the government’s ‘Housing for All’ mission

2 min read1 Feb 2024

Budget 2024: Some tinkering with standard deduction may happen, says Trupti Agrawal of WhiteOak Capital

Trupti Agrawal of WhiteOak Capital shares her views on the expectations from interim Budget 2024, India’s macro-economic environment, sectors that are likely to get a boost this year, and the need to overlook short-term market movement.

4 min read31 Jan 2024

Budget 2024 expectations: Perks for first-time homebuyers, tax sops, industry status top real estate players’ wish list

Real estate leaders seek increased tax slabs, revised affordability caps, and incentives in the upcoming budget. They also advocate for expanding the SWAMIH stress fund and reintroducing GST with an input tax credit, industry status, and perks for first-time homebuyers.

2 min read30 Jan 2024

Interim Budget 2024: Will FM address land acquisition hurdles and bureaucratic bottlenecks plaguing stalled projects?

Experts believe that the 2024 budget should implement digitized approval systems and transparency in departmental processes to ease blockades in the Indian real estate sector

1 min read30 Jan 2024

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Budget 2024 Updates

Ahead of the Lok Sabha polls in the coming months, Finance Minister Nirmala Sitharaman will present the interim budget on February 1, 2024. Being the last budget of the current union government, many analysts are expecting the announcement of some populist measures by the Finance Minister.

The halwa ceremony was held in the North Block on January 24. This ceremony marks the beginning of the compilation of documents for the Budget 2024. Finance minister Niramala Sitharaman, and Union minister of state for finance Bhagwat Kisanrao Karad were present at the ceremony.

An integral prelude to the Budget presentation is the traditional Halwa ceremony, hosted and attended by the Finance Minister and other officials of the ministry involved in the Budget-making process inside the North Block.

Even as the finance ministry expects FY24 economic growth to exceed the central bank’s projection of 7%, it also expects growth in the following year, FY25, to be close to 7%, even though geopolitical risks could lead to supply chain disruptions and a rise in inflation.

The ministry’s latest monthly economic review also said that under reasonable assumptions, India can aspire to become a $7 trillion economy by 2030, adding that in the next three years, the country is expected to become a $5 trillion economy, the third largest in the world, and the government has set a higher goal of becoming a developed country by 2047.

What are Budget 2024 expectations?

Currently, the fuel allowance received by an employee is subject to tax exemption under the I-T Act, with a maximum limit of ₹2,400 per month. However, there is no such allowance for expenses relating to electric vehicles (EV). The introduction of an exemption or deduction for allowances related to recharging EVs would not only provide tax benefits to the employees but also further promote the EV market, said Deepashree Shetty, Partner, Tax & Regulatory Services, BDO India in a Budget 2024 Interview to Mint.

What is an Interim Budget?

As defined by Article 116 of the Indian Constitution, an Interim Budget is an advance grant to the government from the Consolidated Fund of India to cover short-term expenditure requirements until the new financial year begins. There is a Consolidated Fund of India, defined in Article 266 of the Indian Constitution, which stores all the revenue generated by the central government, including taxes, interest on loans, and a portion of state taxes. In accordance with the Act, the Consolidated Fund may not be withdrawn except under an appropriation undertaken by law and approved by the Centre each year during the Union Budget.

What is the need for an Interim Budget?

During an outgoing government, an interim budget is presented, or a vote-on-account is sought. The next government will be responsible for presenting the full budget. The vote on the account cannot impact the tax regime. Under the constitution, money cannot be withdrawn by the government from the Consolidated Fund of India unless it has been appropriated by law. This is accomplished by passing an appropriation bill during the Budget process. Nevertheless, passing the appropriation bill through the Parliament and becoming a law may take time. As of April 1, when the new financial year begins, the government will require permission to spend even a penny. Union Budget 2024 is the process of withdrawing money from the Consolidated Fund of India during that period, usually two months. An Interim Budget is a formality and does not require debate. The government seeks a Budget for the interim period when elections are scheduled a few months into a new financial year. Interim Budget 2024 is essentially the Parliament’s approval of spending by the government. As such, a Budget 2024 is merely an interim authorization to spend money, as opposed to a full Budget that includes details of expenditures and receipts, including tax changes and government policies. During election years, when elections are scheduled a few months into the new fiscal year, the government prefers to request a vote rather than present a full budget because it is unfair to deny the government the right to design its own budget for the remainder of the year if it changes after elections.

How is Interim Budget different from regular Budget?

Regular budgets are presented for the whole financial year. During the general elections, the incumbent government will present an interim budget in place of a full budget. A vote-on-account includes only the government’s expenditure, whereas the interim budget deals with both receipts and expenditures.

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