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Budget 2024

Budget: An Overview


Welcome to HT’s comprehensive coverage of Union Budget 2024, your one-stop place to know everything about the Budget and how it will impact your day-to-day life. Keep yourself in the know by following our quick and timely updates.

The Union Budget is the official budget of the country, which outlines how much money the government plans to spend and on what areas it intends to do so. It also highlights how much money the government estimates to make through its activities. The Budget therefore has a direct impact on the country’s big businesses, industries, government wings, as well as the general public.

The Budget is divided into the revenue budget and the capital budget, both of which further get divided into receipts and expenditures.

What is revenue and capital Budget?
The revenue Budget outlines the regular everyday spendings like those on public services and earnings of the government through taxes and non-tax sources like government fees and collection of fines. The capital Budget focuses on long-term spendings like those on infrastructure and also receivables like long-term loans.


What is the difference between an Interim Budget and a full Budget?
The interim Budget is a Budget that is presented during an election year. It is a temporary Budget which will serve its purpose till the newly elected government takes over. This year’s interim Budget was presented on February 1.

The full budget is the actual budget that will be used for the rest of the year.

What is the date of the Union Budget 2024?
The Union Budget 2024 will be presented in the Lok Sabha on July 23rd during the Budget session of the Parliament which will be from July 22 to August 12.


What are the expectations from the Union Budget 2024?
The Union Budget this year is expected to focus on the following aspects:
1. Improving the ease of doing business, with India ranking 63 out of 190 countries in the year 2020 on the World Bank's now-discontinued Doing Business Report.
2. Increase infrastructure spending to facilitate manufacturing and also to support defence, railways, and renewable energy.
3. Increasing employment through manufacturing incentives, credit for micro, small and medium enterprises, and focus on services exports.
4. Promoting rural development by focusing on agricultural infrastructure and incentives to increase domestic production and tackle high food inflation.
5. Reform schemes for EVs to incentivise automakers that have already invested previously, since the scheme currently only supports fresh investments.
6. Promote women’s welfare through subsidies on healthcare and commodities.
7. New income tax deductions and exemption limits for taxpayers.

What are the new expected income tax reforms in the Union Budget?
The new Budget is expected to increase the income tax standard deduction limit for salaried individuals from the currently fixed 50,000 to somewhere between 50,000 and 1 lakh.

The new Budget is also expected to provide tax benefits to home loan borrowers.

There is also a possible increase in income tax exemption limit on interest from savings accounts to 25,000 from the current 10,000. For senior citizens, the limit is 50,000.


...read more

[Budget top stories]

Budget 2024: How your SIPs will be taxed after capital gains rate changes

Updated on Jul 25, 2024 09:06 AM IST

Union Budget raises capital gains tax on equity funds, SIPs to be impacted. Here's how

The Union Budget hiked the STCG tax on equity mutual funds to 20 per cent from the current 15 per cent.

Old vs new tax regime: Which will be more beneficial for high-income persons?

The Budget 2024 saw Centre push for more individuals to opt for the simplified new tax regime, which can be beneficial for those with a lower income slab.

Union Finance Minister Nirmala Sitharaman during Post Budget Press Conference. (Photo by Ajay Aggarwal/ Hindustan Times) (Hindustan Times)(HT_PRINT)
Updated on Jul 25, 2024 09:05 AM IST

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?

Budget 2024: To make the new regime more popular among the salaried, the government announced an increase in the standard deduction and tweaked the tax slabs.

Budget 2024: Union Finance minister Nirmala Sitharaman. (Ajay Aggarwal/HT Photo)
Published on Jul 24, 2024 04:27 PM IST

Budget 2024: These 4 TDS changes announced by Nirmala Sitharaman will impact you

Budget 2024: Finance minister Nirmala Sitharaman announces changes in TDS framework, impacting salaried individuals.

Budget 2024: Finance minister Nirmala Sitharaman attends the ongoing Monsoon session, at the Parliament in New Delhi.(Sansad TV)
Updated on Jul 24, 2024 02:39 PM IST
By | Edited by

Union Budget 2024: Top 5 takeaways for salaried persons, job seekers

Budget 2024: Nirmala Sitharaman presented the Union Budget 2024-25 during the Budget Session of Parliament on Tuesday.

Union finance minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha in New Delhi on July 23.(PTI)
Updated on Jul 24, 2024 01:15 PM IST

Budget 2024 Highlights: FM disappoints investors, rewards (some) taxpayers

Budget 2024 Highlights: Salaried employees can save up to ₹17,500 in income tax under new tax slabs. The Budget made no changes to old tax regime.

Budget 2024 Highlights: Finance minister Nirmala Sitharaman addresses a post-Budget press conference, in New Delhi.(PTI)
Updated on Jul 24, 2024 12:47 PM IST

2001: The year that divides property sellers under new Budget tax rules

The government proposed reducing the long-term capital gains tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits.

Budget 2024 redefines property taxes: Indexation benefit scrapped for post-2001 properties.(AP / File / Representational)
Updated on Jul 24, 2024 09:21 AM IST

What is Modi govt's ‘Purvodaya’ plan covering Bihar, Jharkhand, 3 other states?

‘Purvodaya’ plan will cover human resource development, infrastructure, and generation of economic opportunities in five states.

Prime Minister Narendra Modi attends the Union Budget 2024-25 being presented by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman in the Lok Sabha during the Monsoon Session.(Sansad TV)
Published on Jul 24, 2024 08:24 AM IST

Jobs, Skills and Wages: Has the Union budget got the JSW factor right?

In aspirational India, unemployment is a political dynamite. The challenge is to ensure that the JSW triple-engine can meet the demands, even half-way.

Union Budget comes in the face of stampede-like situations in Mumbai when on July 16 over 25,000 youngsters streamed in for interviews for 2,216 airport loader vacancies.(Unsplash)
Published on Jul 23, 2024 09:11 PM IST

Budget 2024: Interest subsidy returns under PM Awas Yojana 2.0 (Urban)

Govt allocates ₹4,000 crore for PMAY(U) CLSS component. Sitharaman said government will construct three crore additional houses in rural and urban areas.

Pradhan Mantri Awas Yojana seeks to provide affordable housing. (HT PHOTO)
Published on Jul 23, 2024 09:04 PM IST
Videos
  • FOUR 'CASTES' OF MODI GOVERNMENT

    Budget 2024: FM Nirmala Reveals Four Pillars Of Modi Govt | Watch

    Feb 01, 2024 03:06 PM IST
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  • FM Nirmala's Attack On Opposition In Budget Speech; 'Ended Bhai-Bhatijawaad...'

    FM Nirmala's Attack On Opposition In Budget Speech; 'Ended Bhai-Bhatijawaad...'

    Feb 01, 2024 02:52 PM IST
    Copy Link
  • Nirmala's election prediction

    Budget: 3 Times Nirmala Sitharaman Predicted Modi Govt Win In Lok Sabha Election

    Feb 01, 2024 02:45 PM IST
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  • Indian FM's Message To Taxpayers; Nearly 1 Cr To Get Minor Waiver | Budget 2024

    Indian FM's Message To Taxpayers; Nearly 1 Cr To Get Minor Waiver | Budget 2024

    Feb 01, 2024 02:19 PM IST
    Copy Link
  • India-Maldives Row: Nirmala's Big Announcement For Lakshadweep | Budget 2024

    India-Maldives Row: Nirmala's Big Announcement For Lakshadweep | Budget 2024

    Feb 01, 2024 01:57 PM IST
    Copy Link
Things to know

FAQs

  • What is the Union Budget?

    Budget is a detailed plan outlining the government’s projected income and expenditure for the given fiscal year which runs from April 1 to March 31. The document shows the government's economic priorities and funding allocation.

  • Who presents the Union Budget?

    The Finance Minister of India presents the Union Budget. This year, Nirmala Sitharaman will present the Budget. This will be the seventh time that she will present the Budget creating a record for the most Budget speeches given as she will surpass Morarji Desai who presented the Budget six times in a row.

  • Why is the Union Budget being presented in July this year?

    In recent years, the Union Budget has been presented on February 1. Owing to 2024 being an election year, Finance Minister Nirmala Sitharaman tabled the Interim Budget for FY24 on February 1. The government will therefore present the Union Budget in July this year.

  • What is an Economic Survey?

    The annual Economic Survey is presented a day before the presentation of the budget. The document serves as the official report of the economy and shows the government's future policy moves. The Economic Survey is authored by the Chief Economic Adviser in the finance ministry and his team. Although, the government isn’t bound to follow recommendations made in the Economic Survey as it only serves as a policy guide.

  • How is the Budget speech structured?

    The Budget speech is divided into two Parts: A and B. The first part of the Budget includes an overview of the state of the economy, policy initiatives, estimates on expenditure and fiscal deficit. Part B of the Budget contains tax proposals - direct and indirect.

  • What is fiscal deficit?

    Fiscal deficit shows the amount of money that the government has to borrow every year to meet its expenses which means in terms of the Budget, it represents the difference between government’s total revenue receipts (tax and non-tax) and capital receipts such as recoveries and interests earned on loans which the Centre has given to state governments.

  • What are Budget estimates and Revised estimates?

    The government details estimated earnings and spendings during the course of the year in the Budget. These estimates may change and revised estimates of revenues and expenditure are laid out in the following year’s Budget.

  • When will the Railway Budget be presented?

    Since 2016, the Railway Budget has been presented with the Union Budget. At the time, then Finance Minister Arun Jaitley presented the first combined Budget for the financial year 2017-18. Before this, the Railway Budget was presented separately a few days ahead of the Union Budget.

  • What other Budget documents are presented in the Parliament?

    Along with the Finance Minister’s speech, some important documents are presented to the Parliament. These are: Annual financial statement, fiscal policy statements mandated under the FRBM Act, macro-economic framework statement, medium-term fiscal policy cum fiscal policy strategy statement, expenditure Budget, receipt Budget, expenditure profile, Budget at a glance, memorandum explaining the provisions in the Finance Bill and output outcome monitoring framework.

  • How to access Budget 2024 speech and related documents?

    Budget 2024 speech and related documents are available on the official website – indiabudget.gov.in – after the Finance Minister finishes the Budget speech.

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