National Desk, 1st July: Finance Minister Nirmala Sitharaman is gearing up to present the 2024 Union Budget for the fiscal year 2024-25, expectedly on July 22 or 23, 2024. This budget is set to mark a historic milestone as Sitharaman becomes the first minister to deliver seven consecutive Union Budgets, surpassing Morarji Desai’s record of six.
Among the top expectations from the budget are significant revisions in tax policies aimed at providing relief to taxpayers. There is anticipation for the standard deduction limit to be doubled, potentially rising from Rs 50,000 to Rs 1 lakh. Such a move would alleviate the tax burden on salaried taxpayers and stimulate consumption, thereby bolstering overall economic demand.
Furthermore, taxpayers are hopeful for an increase in the basic exemption limit and adjustments in tax slabs to offer lower rates and higher deductions. Reports suggest that the government is considering extending 50 per cent house rent allowance (HRA) exemption to more non-metro cities, aiming to ease financial pressures on individuals residing in urban areas.
The Union Budget serves as a comprehensive account of the Centre’s financial plan, detailing revenues from all sources and outlining expenditure allocations. This year’s budget presentation in July is a departure from the traditional February 1 schedule, necessitated by the Lok Sabha elections held earlier in 2024.
As anticipation builds, stakeholders across sectors await the Finance Minister’s announcements, poised to influence economic policies and fiscal strategies for the upcoming financial year.
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