Budget 2024

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.