FM Nirmala Sitharaman is now presenting the Union Budget 2024 in Parliament. This is an interim budget as it comes just before the Lok Sabha elections.
Interim Budget 2024: The day is here when India’s Union Finance Minister Nirmala Sitharamana will present the 6th Interim Budget. This is the 6th time when she has presented the budget in the governance of PM Modi. The interim budget will meet the budgetary needs of the intervening period until a government is constituted following the Lok Sabha elections. The new government will unveil its comprehensive budget.
The Budget Session of Parliament began on Wednesday, with President Droupadi Murmu addressing a combined session of the Lok Sabha and Rajya Sabha. Nirmala Sitharaman’s sixth consecutive budget may be viewed as a political document that emphasizes the Modi government’s successes over the last decade and hints at how it intends to move the country ahead.
Nirmala Sitharaman’s Important Points on Taxation
- FY24 fiscal deficit seen at 5.8% of GDP
- FY24 total expenditure revised to ₹ 44.90 lakh crore
- FY 24 total receipts other than borrowings is ₹ 27.56 lakh crore
- FY24 tax receipts are ₹ 23.24 lakh crore
- FY25 fiscal deficit seen at 5.1%
- Aim to reduce fiscal deficit to below 4.5% by FY26
- FY25 gross market borrowing seen at ₹ 14.13 lakh crore
FM extends certain tax benefits to start-ups, pension funds
“Certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025,” said FM Nirmala Sitharaman.
- It may be a ‘vote-on-account’ budget, but homebuyers are hoping for
1. Increase in the limit of eligible deduction for interest paid on home loan to at least Rs 3 lakh
2. Remove the cap of Rs 2 lakh on rented property
3. Ease TDS rules for buying house property
Live Updates On Interim Budget 2024:
- 40,000 normal railway bogies will be converted to vande Bharat standards, announces Sitharaman
- This will enhance safety and convenience, says the FM
- 3 major Rail Corridors built says FM in Parliament
- Rural-themed stocks in sight include Maruti Suzuki, Minda Corp, Hero MotoCorp, M&M, Escorts Kubota Ltd, Hindustan Unilever, ITC and Dabur India.
- Interim Budget 2024: Nifty Auto at 19,419.60, up 192.45 pts or 1.00%
- Interim Budget 2024: Avg real income has increased by 50 per cent, says FM Nirmala Sitharaman
- Interim Budget 2024: FM Nirmala Sitharamana presents the benefits of the newly built Ram Mandir
- AITF demands an income tax exemption limit of Rs. 10 lakh- In addition, petrol, diesel, and electricity should be subject to GST. Badish Jindal, National Convenor of the All Industries and Trade Federation, stated that the income tax exemption level should be increased further.