Union Minister Nirmala Sitharaman will present the Union Budget on July 23, 2024 for the for the year 2024-25. Union Minister Kiren Rijiju wrote on Twitter that the Budget session will begin from 22nd July to 12 August.
He wrote, "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning both Houses of Parliament for the Budget Session, 2024, from July 22, 2024, to August 12, 2024 (subject to exigencies of Parliamentary Business). The Union Budget, 2024–25, will be presented in Lok Sabha on July 23, 2024."
This will be the first Union Budget of Modi 3.0. Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Budget. This makes her the first finance minister to achieve this milestone, surpassing the previous record held by Morarji Desai. She presented the interim Budget in February due to the general election year.
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Several sectors have wide expectations from the upcoming Budget that includes increased tax deduction limit for salaried players, support for the rural sector, push for the EV sector, possible cut in Securities Transaction Tax (STT) and more.
Individual taxpayers are hoping for some respite in the form of lower tax rates, adjusted income tax slabs, and increased deductions ahead of the budget 2024. However, significant tax reforms can be postponed because the administration is trying to reduce the fiscal deficit.
Recently, the Confederation of Indian Industries also recommended the removal of the angel tax from the upcoming budget. The CII highlighted that such taxes “greatly aid capital formation in the country.” It remains to be seen as to what the BJP-led NDA government's budget will offer. Meanwhile, recently, President Droupadi Murmu said that the upcoming budget would have several historic steps. Addressing a joint sitting of the Parliament, she reportedly said, “This budget will be an effective document of the government's far-reaching policies and futuristic vision.”
