Union Budget 2024 Expectations, Date & Other Important Details!

All eyes are set on the upcoming Union Budget 2024, which is expected to be presented in July. This budget is expected to reform the income tax structure in India and focus on reducing taxes.

Union Budget 2024 Expectations

All the Indians are waiting for the upcoming union budget 2024, which is expected to be presented in July. The expectations for impactful announcements that could shape India’s economy in this year.

Union Budget 2024 is expected to reform the income tax structure in India and reduce the taxes for the lower income. The government may prioritise tax cuts over the increase in the July budget announcement.

India expects to target becoming a large economy and achieving the Developed India status by 2047. We can expect a 7.2% economic growth in this year. There is a possibility of increasing the deduction limit from Rs. 1.5 lakh to Rs. 2 lakh.

Union Budget 2024 Expected Dates

India is awaiting the Union Budget 2024 announcement, while we are expecting that the Finance Minister Nirmala Sitharaman will announce the budget in July this year.

The announcements depend on the Monsoon Session of the parliament and this session is set to begin on 22 July and continue until 9 August. While the Finance Minister holds the pre-budget of stakeholders on 20 June.

The Finance Minister announced the Council meeting will be held on 22 June 2024 in New Delhi. The Minister of Parliament announced the session of Lok Sabha on 24 June to 3 July 2024.

The full budget is presented by the new government and it is expected to be tabled by the minister in the third week of July. The meeting will be preceded with the revenue today.

Union Budget 2024 Expected Benefits

There are the benefits that expects from the Union Budget 2024:

  • There are expectations of increasing the 80C deduction limit from Rs. 1.5 lakh to Rs. 2 lakh.
  • We can expect the new tax regime has not gained among taxpayers.
  • It is expected that the default tax regime will encourage more taxpayers to opt for it.
  • Currently the deduction limit for individuals is Rs. 25,000 and for senior citizens is Rs. 75,000.
  • The expectation is that the Union Budget for this year will include Bengaluru in its list of the metro cities.
  • The expectation is that the employee’s provident fund and life insurance policies, these categories will provide more effective tax breaks on the investment.
  • Expected to enhance the tax rebate on the interest component of housing loans.
  • The capital gains taxation that can be expected to be beneficial for investors.
  • The Indian Banks association has raised the demand that investments of up to Rs. 5 lakh in fixed deposits are expected to be tax free.
  • Because of this city’s residents can only get up to 40% in deductions instead of the 50%.
  • The RBI is expecting 7.2% economic growth this year.
  • Prepayments on the amount of the home loans is eligible for up to Rs. 1.5 lakh.
  • The Union Budget 2024 focusing on the youth, women, farmers and the poor.
  • The middle class taxpayers expected relief by increasing the threshold from Rs. 3,00,000 to Rs. 5,00,000.

Impacts of Union Budget 2024

The Union Budget 2024 has an impact on all the nation’s economic structure. There are impacts of the Union Budget 2024:

  • Everyone is awaiting the announcement of the Union Budget 2024, this year’s allocations are expected to influence the nation’s economic course and control the urgent economic issues.
  • Union Budget 2024 built the foundation by the predecessor while introducing the strategies to adjust to shifting the situations. The Union Budget provides significant expenditures to improve healthcare and disease.
  • Union Budget 2024 includes significant funding for the infrastructure in development initiatives. This budget shows the importance of quality education in human capital and promoting innovation.
  • The Union Budget 2024 lays the groundwork for the digital industries. The budget provisions for the social welfare schemes and poverty reduction programs and inclusive growth and social justice.
  • The capital expenditure increased by 11.1% over the INR 11.18 cr. or 3.4% of the GDP.
  • The government is working towards the making of Vikas Bharat by 2047.
  • Investing in educational infrastructure and skills has an impact on human capital development.
  • The budget is the way for a more promising and resilient future with use of resources and forward thinking strategy.
  • Clarity in regulatory framework, investment incentives and support can all boost the domestic economy and promote economic growth.
  • Indian Banks have raised a demand of the investments of up to Rs. 5 lakh in fixed deposit and it should be tax free.
  • As stakeholders the Union Budget 2024 is collaboration, ingenuity and flexible light as per India’s prosperity.

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