On July 23, the Lok Sabha will hear the presentation of the 2024 Union Budget, which has been authorised by President Droupadi Murmu. The budget meeting is scheduled for July 22–August 12.
What does the 2024 Union Budget entail for Taxpayers?
The new budget is expected to increase the standard deduction limit when it comes to income tax for salaried individuals, which is currently fixed at ₹50,000. This limit is speculated to be raised somewhere above ₹50,000 to ₹1,00,000.
A key policy for home loan borrowers could be tax benefits, under Section 24(b) of the Income-Tax Act, which the upcoming budget may accommodate.
The new budget is also anticipated to support women’s well-being through subsidies on essential commodities like direct beneft transfers on cooking gas.
A similar effort is also predicted for healthcare in terms of being provided discounted healthcare services, especially for women.
There is also the possibility of the income tax exemption limit on interest from savings accounts to be raised to ₹25,000 from the current ₹10,000. For senior citizens, the limit is ₹50,000
What does the 2024 Union Budget potentially hold for the economy?
The budget is expected to prioritize infrastructural development and also other important sectors including defence, railways, and renewable energy.
How would the 2024 Union Budget support businesses and labour?
When it comes to businesses and companies, the government is aiming to boost India’s ease of doing business by decriminalising over 100 law provisions, reducing the consequences to fines, and therefore, reducing the burden of cases on courts.
The government is also looking to establish the Mediation Council of India (MCI) to further reduce the burden of cases on courts and improve ease of doing businesses.
The new budget will also likely unveil a new labour and welfare index for comparing and potentially improving uniformity across various states in implementing labour laws.
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