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BUDGET 2024




SPARE THE FISC: DON’T RUN RINGS AROUND THE BUDGET DEFICIT

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.

3 min read26 Jul 2024


 * THE WEEK IN CHARTS: BUDGET 2024, CORPORATE PROFITS, AVIATION FEE
   
   
   3 min read26 Jul 2024


 * BUDGET 2024: CBDT CHAIRMAN SAYS REVIEW TO MAKE ‘BULKY’ INCOME TAX ACT
   ‘SIMPLER’
   
   
   1 min read25 Jul 2024


 * HOW THE BUDGET AFFECTS YOUR LTCG TAX ON IMMOVABLE PROPERTY
   
   
   1 min read25 Jul 2024

More From Budget 2024


KEY ANNOUNCEMENTS

STCG in Budget 2024: FM Sitharaman announces raising of taxesRead More

10:45 AM


FM unveiled a revised tax framework for long-term capital gainsRead More

11:18 AM


Standard Deduction for salaried individuals hiked ;Read More

07:16 AM


Comprehensive internship scheme for one crore youth in top companies over five
yearsRead More

06:29 AM


Employment-linked incentives, including one month’s wage support for first-time
employeesRead More

06:29 AM


Women-specific skilling programs and increased workforce participationRead More

06:29 AM


Special attention to MSMEs and manufacturing sectorRead More

06:29 AM


Credit guarantee scheme and term loans for machinery purchase

06:29 AM


SIDBI to open 24 new branches to serve MSME clusters

06:29 AM


Financial support for higher education loans up to ₹10 lakhs in domestic
institutions

06:30 AM


₹2.66 lakh crore provision for rural development

06:30 AM


Initiative to introduce 1 crore farmers to natural farming over 2 years

06:30 AM


Rental housing in PPP mode for industrial workers

06:30 AM


New airports, medical facilities, and sports infrastructure for Bihar

06:30 AM


Focus on job creation and boosting consumption, potentially benefiting consumer
goods, real estate, and auto sectors

06:30 AM


Over ₹3 lakh crore allocated for schemes benefiting women and girls

06:31 AM


Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years,
benefiting over 80 crore people

06:31 AM


No indexation benefit for property sales; new LTCG rate fixed at 12.5%Read More

11:19 AM



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MARKET PUNDITS


Analysts offering insights, predictions on Budget 2024



SECTORAL COVERAGE

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 * Technology


BUDGET 2024: HOW WILL REMOVAL OF INDEXATION BENEFITS FOR PROPERTY SALES IMPACT
REAL ESTATE?

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.

3 min read24 Jul 2024


BUDGET 2024: PROPERTY YOU BOUGHT BEFORE 2001 WILL GET INDEXATION BENEFIT AT THE
TIME OF SALE, GOVERNMENT CLARIFIES

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

2 min read24 Jul 2024


INCOME TAX BUDGET 2024: NOW YOU CAN’T SHOW RENTAL INCOME UNDER ’GAINS OF
BUSINESS’ HEAD TO EVADE TAX. WHY IT MATTERS

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.

1 min read23 Jul 2024


BUDGET 2024: INDEXATION BENEFITS FOR PROPERTY SALES ELIMINATED. WHAT DOES THAT
MEAN? HOW DOES IT IMPACT YOU?

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.

4 min read24 Jul 2024


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




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SECTORAL IMPACT




PERSONAL FINANCE

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UK TO RAISE MONTHLY MAINTENANCE COST FOR STUDENT VISAS FROM JAN 2025

UK Visa: Student applicants who want to study in London must now show that they
have £1,483 a month for up to nine months and those outside London need to show
£1,136 per month for a nine-month period.

2 min read06:12 PM IST


 * TRUECALLER FRAUD INSURANCE POLICY: HOW DOES IT PROTECT FROM CYBER CRIME?
   
   
   3 min read05:11 PM IST


 * HOW TO PAY CREDIT CARD BILLS? A STEP-BY-STEP GUIDE
   
   
   5 min read04:37 PM IST


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   4 min read03:19 PM IST

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INCOME TAX




INCOME TAX: HOW CAN A MIDDLE-CLASS SALARIED EMPLOYEE OPTIMISE FOR TAXES?

Income Tax: Salaried employees can optimise their taxes by leveraging deductions
such as 80C and 80D, and by making contributions to the National Pension System.
Proper salary structuring and understanding investment taxation can further
enhance post-tax earnings.

4 min read17 Sep 2024


 * HOW MUCH TAX CAN YOU EXPECT ON GIFTS IN INDIA? FIND OUT NOW
   
   
   4 min read16 Sep 2024


 * NET DIRECT TAX COLLECTION RISES 22% SO FAR THIS FISCAL
   
   
   1 min read12 Aug 2024


 * ITR FILING: NEARLY 5.25 CRORE TAXPAYERS CHOOSE NEW INCOME TAX REGIME, SAYS FM
   
   
   2 min read7 Aug 2024

More From Income Tax



COMMON MAN’S BUDGET

Things that got Cheaper

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ECONOMY SNAPSHOT




BUDGET VIDEOS

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30 BUDGETS POST LIBERALISATION IN INDIA




HISTORY OF BUDGET




BUDGET 2024 FAQS

What is the Union Budget?
The Union Budget is an annual financial statement presented by the Finance
Minister, outlining the government's revenue and expenditure for the upcoming
fiscal year.
When will Budget 2024 be presented in July?
Budget 2024 will be presented by Finance Minister Nirmala Sitharaman, it is
expected in the second half of July 2024.
What are the key expectations from Budget 2024 in July?
Key expectations include economic growth initiatives, tax reforms,
infrastructure investments, enhanced social welfare, and green energy projects.
How does the Budget impact taxpayers?
Potential tax reforms may alter personal and corporate tax rates, influencing
disposable income and business investments.
How does the government generate revenues and spends?
The government mainly generates revenues from different types of taxes such as
income tax, corporate tax, goods and services tax, excise and custom duties. It
can also generate money from market borrowing and disinvestment of public sector
units. Out of that revenue, the government spends on the country’s
infrastructure such as roads, railways, health, education, defence, and key
government schemes.
Why is the Interim Budget 2024 important?
Interim Budget 2024 is important as it is a vote-on-account budget before the
General Elections in 2024. Since the Budget contains key announcements for an
entire year, it becomes important from the political point of view of the
government.
What were the biggest highlights of Union Budget 2023?
Finance Minister Nirmala Sitharaman said the aim is to have strong public
finances and a robust financial sector for the benefit of all sections of
society. TDS reduced on EPF withdrawals; Cigarettes to get more expensive;
Clothes, garments to get expensive; Central capex outlay increased 33% to ₹10
trillion; 30 skill India centres to be set up across India; Customes duty
reduced on parts of mobile phones such as camera, lens, etc; Green Growth:
₹35,000 crore for green transition
Has the government done enough for the rural economy in the Budget?
The government has been supporting the rural economy through various schemes
such as Mahatma Gandhi National Rural Employment Guarantee Scheme. In the past
few years, the government has been forced to spend more than budgeted due to the
distress in the rural economy. Since this year, the rural economy has suffered
from high inflation and negative real wage growth, all eyes would be on Budget
announcements for rural India. Read more...
What does the government have for the middle-class in the Union Budget?
In a big relief for the country's growing middle class, the government has
rejigged the income-tax slabs in the new tax regime and said there will be no
tax on income of upto ₹7 lakh a year – up from ₹5 lakh. In her Budget 2023
speech, Union Finance Minister Nirmala Sitharaman said the government proposes
to make the new tax structure as default tax option. However, no changes have
been made in the old tax regime. The income tax slabs in new tax regime has been
changed.


USEFUL LINKS


GLOSSARY




BUDGET 2024 UPDATES

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.

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