Budget 2024: Know what can be announced on 23 July?

S Venkateshwari
Budget 2024: Know what can be announced on 23 July?

The nation's general budget is scheduled to be released on July 23. The budget session beginning on July 22 has been approved by President Draupadi Murmu. The budget session will continue till august 12th, according to minister of Parliamentary Affairs Kiren Rijiju, while Finance minister Nirmala Sitharaman will deliver the budget for the fiscal year 2024–25 on July 23. There are thousands of expectations around the nation for this first budget of the narendra modi administration's third term. It is thought that the government will be able to make a number of significant decisions with this budget, including lowering corporate regulations, raising infrastructure expenditure, and reducing middle-class taxation.

It is possible to declare an exception from the standard deduction.

It is alleged that the federal government may grant employed individuals an exemption from the standard deduction. There is currently a basic deduction of Rs 50,000 available under the new tax system. It is anticipated that this budget will allow for an increase to Rs 1 lakh. In addition, the Income Tax Act may provide additional benefit to borrowers of house loans.

There are numerous plans available for women.

Aside from this, it is anticipated that this budget would contain a number of initiatives to support women. This covers programs such as gas subsidies. Healthcare plans may also include announcements intended to alleviate the situation of women. In addition, the present income tax exemption of Rs 10,000 on savings account interest can be raised to Rs 25,000. Senior citizens are currently exempt up to Rs 50,000.

Infrastructure, defense, railroads, and renewable energy will receive special attention.

In addition to allocating additional funds for infrastructure development, the defense, railroad, and renewable energy sectors are anticipated to receive particular attention in this year's budget. Additionally, actions might be made to facilitate conducting business in the nation. In order to reduce fines and court proceedings relating to businesses, the government may also declare regulations. For this, the indian Mediation Council may also be established. Labor regulations also have a lot of room for adjustment.

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