Budget 2024: Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in Budget FY25, announced Finance Minister Nirmala Sitharaman on Tuesday.

Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually In Taxes: FM

Finance Minister Nirmala Sitharaman on Tuesday brought cheer for start-ups as she abolished angel tax in the Union Budget 2024-25 for all classes of investors.

Budget 2024: Good News for Start-Ups as Nirmala Sitharaman Scraps Angel Tax. Here's What It Means

Highlighting the vision for a ‘Viksit Bharat’, or developed India, in the Union Budget 2024-25, finance minister Nirmala Sitharaman on Tuesday (July 23) highlighted nine priorities for generating ample opportunities in the economy.

Budget 2024: Sitharaman Outlays Modi Govt's Vision For 'Viksit Bharat' Through 9 Priorities | All You Need To Know

Gold, silver, platinum, mobile phones and cancer drugs are among the items likely to become cheaper with Finance Minister Nirmala Sitharaman announcing relaxation in duties her Union Budget 2024 speech on Tuesday.



Union Budget 2024: Mobile Phones, Shrimp, Gold, Footwear... What is Cheaper, What Gets Costlier | LIVE Updates

In his first remarks on the Union Budget-2024, Prime Minister Narendra Modi lauded Union Finance Minister Nirmala Sitharaman’s speech in Parliament and said it strengthened all sections of the society.


'Every Section Of Society Strengthened': PM Modi Hails Nirmala Sitharaman’s Union Budget

The domestic equities market on Tuesday witnessed a significant sell-off. The stock market’s disappointment during the Budget 2024-25 comes even as Finance Minister Nirmala Sitharaman hiked short-term and long-term capital gains tax, apart from increasing securities transaction tax on F&O.


Union Budget 2024: Why Stock Markets Are Falling Today?

Finance Minister Nirmala Sitharaman announced an 11.1 per cent increase in Capex outlay to 11.11 Lakh Crore, putting capex outlay at 3.4 per cent of GDP.

Capex Outlay Increased by 11.1%

Finance Minister Nirmala Sithraman said, "Rooftop solarisation will allow 1 crore households to get 300 units of free electricity every month." She added, "This will result in Rs 15,000 to Rs 17,000 savings per year for households."

'Solarisation to allow 300 units for free electricity for 1 cr households'

Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in Parliament today. Beginning her speech highlighting the achievements of the Narendra Modi government, Sitharaman said, "Government is working with the approach of All Round, All Pervasive & All Inclusive Development. We will achieve the goal of Viksit Bharat by 2047."

Will Achieve Viksit Bharat Goal by 2047: FM

While Indian stock markets were choppy in opening trade, they recovered and were trading in green ahead of Interim Budget 2024. At 10:30 am, Sensex was over 230 points higher while Nifty was over 60 points up. 

Stock Markets in Green Ahead of Budget 2024

The Indian Chamber of Commerce (ICC) has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing.

Govt Should Rationalise Customs Duty In Budget To Boost Domestic Mfg: Indian Chamber of Commerce

The stock market is abuzz with speculation on potential fiscal measures and their impacts ahead of the Union Budget 2024 presentation on July 23.

Defence Stock Picks Ahead of Budget 2024: Analysts' Pick HAL, BEL, Azad Engineering, Others

 The initial public offering (IPO) of plant-based speciality products company Sanstar Limited, which was opened for public subscription on July 19, has received a positive response from investors.

Sanstar IPO Receives Over 13.53x Subscription on Day 2, Check GMP Today

We are in the midst of wedding season, surrounded by the crescendo of ’till death do us part’ vows. In this spirit of togetherness, there is another timeless union that deserves our attention—the union of state and taxes. 

Union Budget and India's Unhealthy Obsession With Income Tax Slabs

Finance Minister Nirmala Sitharaman is going to announce her fourth consecutive budget on February 1, which is going to be an interim budget or vote on account. The Interim Budget 2024 is the last budget before the general elections 2024. Readers can visit here for the Interim Budget 2024 highlights after the budget is announced. Meanwhile, here are 10 key highlights from Budget previous Budget 2023-24.

https://images.news18.com/ibnlive/uploads/2024/01/budget-2024-image-2024-01-6db7bbc12785382c45a01b4b5e6142df-3x2.jpg

Union Budget 2024 LIVE: The Budget, which is going to be her 7th, is expected to expected to push growth apart from providing relief to various sections of the society.

Union Budget 2024 Expectations LIVE: Will FM Nirmala Sitharaman Increase Section 80C Deduction Limit?

Union Budget 2024 LIVE: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024-25 on July 23. The Budget, which is going to be her 7th, is expected to expected to push growth apart from providing relief to various sections of the society. Demands are coming in to the government ranging from tax relief for middle class to the sector-specific needs.
On Thursday, PM Narendra Modi also met the country’s eminent economists to discuss budget and the focus was given to the job creation. This will be the first major economic document of the Modi 3.0 government, which, among other things, is expected to lay the road map for making India a developed nation by 2047.
The economy has recorded a growth rate of 8.2 per cent in 2023-24 Earlier in February, Sitharaman came out with an interim budget for 2024-25 in view of the Lok Sabha elections.

Stay updated with Union Budget 2024 LIVE: Get the latest news, date, expectations, income tax updates, and more on news18.com

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Union Budget 2024 Latest Updates: In the new globalised world, education has become the passport to progress and students across India are looking for opportunities. Some specific areas of favourable allocation in the budget should include: Expansion of infrastructure for education, investment in skill development programmes (particularly in areas that align with emerging industries), expansion of scholarships and other financial aid programs for students from economically weaker sections of society, implementation of new pedagogical methods that focus on learning for a lifetime, strengthening of vocational training programs to equip students with industry-relevant skills and increased investment in research and innovation in the field of education. There is also a need to upscale the education system to attract more foreign students to the country to promote India as a global study destination, said Shweta Sastri, managing director of Canadian International School, Bangalore.
Addressing issues like gender disparity, access to quality education in rural areas, and the need for increased investment in education are crucial in achieving equitable and inclusive education for all.

Budget 2024 Expectations from Education Sector

Union Budget 2024 Latest Updates: Healthcare is a rapidly growing sector in the country but needs attention from the government to ensure access to all sections of society. From the upcoming Union Budget, the industry urges the government to focus on the professional development and growth of healthcare personnel in India as this would have a widespread positive impact on the healthcare sector.
“We expect a generous financial allocation and investment in bridging gaps that exist in the education, career growth, and upskilling of healthcare professionals. The budget could also propose investment in the establishment of a ‘Clinical Governance System’ that assists in the development of clinical protocols, monitoring of their implementation and outcome and the standardization of care delivery that helps in cost control. Policies that empower the diverse community of the healthtech sector — from students to seasoned practitioners—to enhance their professional prospects and growth through technology-enabled, personalized support in healthcare and its related sectors would be welcome,” Chandrika Kambam, founder and managing director of healthtech platform Anastomos, said.
She added that there is also an urgent need for a supportive regulatory framework for healthcare startups that encourages innovation while ensuring compliance. Tax incentives, grants, and dedicated incubation centers to foster growth within the healthtech ecosystem would enhance its growth in the larger healthcare sector. Additionally, the upcoming union budget presents a significant opportunity for the government to support the growth of startups driven by women entrepreneurs, especially in the healthtech sector. They can be empowered through targeted financial assistance, mentorship programs, and subsidy initiatives. Lastly, robust investments in cybersecurity infrastructure and regulations are essential to protect sensitive health data. Integrating healthtech solutions with government schemes like Ayushman Bharat would also enhance efficiency and expand access to quality healthcare across India.”

Budget 2024 Wishlist from Healthcare Sector

Akash Agrawal, co-founder of Zoff Foods, said, “We urge the government to address the current inverted tax structure within the Goods and Services Tax (GST) framework. This structure impacts food manufacturers, hindering their ability to claim the full Input Tax Credit (ITC) due to higher tax rate paid for services and other items as compared to lower tax rate of raw materials. The tax rate on basic raw material procurement and final product is 5%, which makes a significant ITC blockage for manufacturers, leading to an average cash flow deficit of 10-15%. For instance, the tax rate on services is 18% whereas the tax of other raw materials range between 12%-18%. This ultimately translates to reduced investments in production capacity, innovation, and job creation.”
The government should consider revising the tax structure or implementing policy amendments to ensure a smoother flow of ITC for food manufacturers. This will not only improve the financial health of the industry but also contribute to the government’s objective of a robust and competitive food processing industry, he added.

Budget 2024 Wishlist from FMCG Sector

Deepak Pahwa, director of Delair, said, “The pharmaceutical industry is optimistic about the upcoming budget, especially following the government’s implementation of enhanced quality control measures like Good Manufacturing Practices and revised Schedule M. With the Indian pharma sector making significant strides globally, increased budget allocation can bolster our international standing. We anticipate initiatives incentivising R&D to support the local manufacturing of high-quality pharma products. Additionally, PLI schemes could greatly assist in establishing advanced manufacturing facilities and integrating cutting-edge technologies and machinery. These steps are vital for promoting innovation and sustainable growth within the industry.”

Budget 2024 Expectations from Pharmaceuticals Industry

Manas Mehrotra, founder of coworking firm 315Work Avenue, said, “Taking into consideration the popularity of hybrid working, we have a few expectations around GST and taxation from the upcoming Union Budget that can further accelerate growth of this sector.”
The salary upper limit of 25k could be enhanced to 40k and timeline from 3 yrs to 5 yrs to enable start-ups/coworking entities to enjoy the benefit of sec 80JJAA as these industries are generating a greater volume of employment. Input tax credit under GST is an important issue that concerns coworking sector. We expect the budget would enable coworking firms to claim input credit on work contract and construction services supplied so that it is passed on to companies who lease out space for coworking and thereby reduce their overall costs, Manas said.
“There are few other aspects that needs attention. Typically stamp and registration duties are high and since both the landlord as well as client agreements are subject to these charges, hence, either concession in such stamp duty rates or allowing twice the duty paid as expenditure under income tax will encourage even the small agreements to get registered. An important requirement for the coworking industry has been Lower/Concessional rate of TDS which will improve the working capital. Another measure that could be announced to intensify growth of the coworking sector is a further and continued extension of tax holiday for start-ups as they would be motivated to scale up their business and enhance investment,” he added.

Budget 2024 Wishlist from Co-Working Players

Vineet Narang, founder & managing director of HearClear India, said, “The elder Care Segment in India needs government focus. Our elderly population is growing and will reach a staggering 34.7 Crore by 2050. The Indian Healthcare ecosystem will need to gear up to manage this growing old population. We are fully aligned with the Government Proposal of health benefits to all individuals over 60 years of age, with contributory scheme coverage of Rs 5 Lakh annually. This is a much needed step and should be implemented at the earliest.”
Further we really request the Government to implement their proposal of expansion of Ayushman Bharat PM Jan Arogya Yojana to cover all Senior Citizens. This should also cover in-home care needs of elderly patients. Today in-home care is the need of the hour and specifically with increasing age, healthcare at home will bring huge relief to our ageing elders, he said.
Indian Diagnostic Infrastructure needs a significant boost. ‘Proximity to Patient’ is a critical step towards ‘Healthcare for All’. Patient should either get diagnostics done at home or if specific tests cannot be done at home, one should be able to find a High Quality Diagnostic Center within a 5 km radius. We urge the government to provide financial assistance, and special reliefs for new start-ups to enter the diagnostics space and create private infrastructure to feed the growing demand, he added.

Seema Prem, co-founder & CEO of FIA Global, shares some measures that should be announced in the Budget to support Bank Mitras/Business Correspondents, who serve as essential frontline workers in delivering financial services, on enhancing their infrastructure and financial sustainability:
1. Infrastructure Grant Fund: Establishment of an infrastructure grant fund tailored for Bank Mitras. Given the perpetual necessity to upgrade hardware, such a fund would ensure access to the latest equipment. Bank Mitras would then be able to operate more effectively.
2. India Business Correspondent Equity Fund: Like the India Microfinance Equity Fund, IBCEF may be created as a partnership between the Central Government and the Development Finance Institutions. A dedicated fund providing equity to Bank Mitras will help them achieve scale and efficiency in operations.
These investments will empower Bank Mitras to make enduring contributions to their communities, and will also allow them to thrive economically.

Budget 2024 Expectations: Fintech Industry's Wishlist For Bank Mitras

The Indian economy is moving on a strong growth trajectory. This makes the government finances comfortable on the revenue side. The budget is expected to maintain the fiscal deficit and borrowing targets same as the February interim budget.
“There could be some positive announcements on allocations towards rural economy. Also, there is a possibility of tax benefits for the lower income brackets. Focus on capital expenditure is also expected to continue with increasing central expenditure, persuading state level capex and also incentivising private capex. Overall, we are likely to see policy continuity,” said Nimesh Chandan, CIO of Bajaj Finserv Asset Management.

Budget 2024 Expectations: What Does Equities Market Expect?

Railways’ shares like RVNL, Titagarh Rail, etc and the shipping sector stocks like Shipping Corporation of India and Mazagaon Dockyard, among others, have been on the up move in the stock market for the past few days amid reports that the government is likely to announce measures for these sectors.

Budget 2024 Expectations: Railways, Shipping Shares On Upward Move

As Finance Minister Nirmala Sitharaman is set to present her 7th Budget, there are various expectations. One of the major expectations is an increase in Section 80C tax deductions.
These deductions are available for old tax regime and offer exclusion on income up to Rs 1.5 lakh from the calculation of tax liability in a year.

Budget 2024: Will Government Increase Section 80C Tax Deduction Limit?

“As we approach the 2024 India Budget, we are cautiously optimistic about the potential measures that will be announced. We believe this budget presents a pivotal opportunity to bolster economic growth and investor confidence. We anticipate the government’s focus on stimulating key sectors such as infrastructure, healthcare, and technology, which are critical for long-term sustainable development. An important announcement that we expect is on ESOPs (Employee Stock Ownership Plans). These are employee incentives that companies use to attract, reward, and retain talent. ESOPs also enable employees to become shareholders and benefit from the company’s growth. Most of the new generation companies give part of company stake as ESOPs to senior employees, who work as well as promoters, but end up losing 40% value vis-a-vis promoters who can enjoy long-term capital gains (LTCG) advantage on equity. This situation needs to be rectified to enable them to earn higher margins,” Swati Saxena, founder and CEO, 4Thoughts Finance, a wealth management firm.
Additionally, the re-investment from sale of startups is exempted from tax only for Rs 10 cr investment in real estate. However, there is a need to encourage startup investments and make the sector more appealing. One way could be to enable re-investment in startups to get a boost through a tax exemption. We also see the automotive industry looking forward to some key measures in the upcoming budget, especially with the Faster Adoption and Manufacturing of Electric Vehicle (FAME). Increased support in R&D of the EV sector can also help boost India as a global leader in EV Technology. The budget can also ensure greater sync between Dividend Distribution Tax (DDT), which is very high, and Long-Term Capital gains on equity which is very low. All these measures would prove beneficial to the liquidity availability in the economy and ensure its healthy growth, she added.

Budget Expectations from Wealth Management Sector

Parliament’s Budget Session will be held between July 22 and August 12, and Finance Minister Nirmala Sitharaman will present the Union Budget 2023-25 on July 23. It will be her 7th annual financial statement in a row.
The government will likely present the Economic Survey on July 22. This will be the first full budget of the Modi Govt 3.0.
An interim budget was presented on February 1, 2024, due to the Lok Sabha polls, which were held in April-June.
Nirmala Sitharaman on June 12 took office for her second consecutive term as the minister of finance and corporate affairs.
After taking charge as the finance minister in the Modi 3.0 government, Sitharaman highlighted the objectives and outlined how the 2024 full budget will include various aspects of the Indian economy.

Budget 2024 Date: Budget Session of Parliament To Be Held Between July 22 and August 12

“The healthcare sector in India is on the brink of excellence. There is an increased focus on treating unique patient cases, robotic surgeries, and increasing prominence of AI for accurate diagnosis. To reach the next phase, emphasis must be laid on innovation, research & development, and infrastructure development. These are the foundations for India’s health sector to achieve an international standard of treatment for all. Strengthening infrastructure will create a robust healthcare network in rural India, benefiting the entire population. However, affordability remains a challenge in accessing healthcare services and treatments. Public-Private Partnerships (PPPs) can effectively address these challenges by combining the resources of both public and private entities to deliver comprehensive healthcare nationwide. Additionally, the healthcare sector needs programs to provide training at various levels to address the talent shortage. We positively look forward to the Union Budget 2024-25 with the hope that it will address the existing challenges in the healthcare sector,” said Joseph Pasangha, Group COO, SPARSH Hospital, Bengaluru.

Budget Expectations from Healthcare Sector

The real estate sector expects a range of measures from the government in the Union Budget 2024-25, including industry status to the sector and tax reliefs.
Mohit Goel, managing director of Omaxe, said, “We urge the government to consider increasing the deduction limit for interest on home loans from the current Rs 2 lakh to Rs 5 lakh annually, which could dramatically boost housing demand. Additionally, reducing the GST on under-construction properties and adjusting the pricing of raw materials would further stimulate the market. These changes are essential not just for energizing the sector but also for driving demand in approximately 250 related industries.”
Aditya Kushwaha, CEO and director of Axis Ecorp, said, “The real estate sector has flourished in recent years despite challenges such as rising property prices and the highest interest rates in six years. Demand for luxury real estate and second home categories has remained robust. We anticipate that the 2024 Budget will favour homebuyers, supporting the sector’s ongoing growth. The recent focus on affordable housing is expected to continue, especially with FM Nirmala Sitharaman’s interim budget announcement of adding 2 crore more houses to the PMAY-U scheme. A similar emphasis on affordable housing in the upcoming budget would be beneficial.”
Nayan Raheja from Raheja Developers said, “The real estate sector expects the government to ensure by taking certain initiatives at the policy level in its forthcoming budget. Industry status and single-window clearance are long pending demands, and we hope for affirmative action on these. Raising the deduction limit under section 80C for principal repayment of housing loans from the present 150,000 is among other initiatives the sector is hoping for. We are hopeful that the budgetary announcements will further boost the sector’s potential and enhance its share in the country’s economy.”
Ashwinder R Singh, co-chair of CII’s NR Committee on Real Estate, CEO Residential at Bhartiya Urban, and Author, said, “The real estate sector has certain expectations for the 2024-2025 Union Budget. These include increasing the home loan interest rebate to Rs 5 lakh, reducing GST on construction, redefining affordable housing limits, granting industry status, incentivizing sustainable practices, and implementing a single-window clearance system.”
Ankush Kaul, chief business officer of Ambience Group, said, “The Indian real estate sector contributes roughly 8% to GDP and is the second-highest employment generator in the country. Ahead of the Union Budget 2024-25, one of the sector’s primary expectations is granting industry status along with the single-window clearance system. Considering these long-pending demands would give a new push to the sector.”

Budget Expectations from Real Estate Sector

Gunjan Prabhakaran, partner & leader (indirect tax) at BDO India, said the market expects the Union Budget 2024-25 to provide clarity on the future of SEZ law (e.g. continuation of present SEZ Act or introduction of proposed DESH bill) especially in the context of the first 100 days plan of MOC with respect to changes in SEZ law (NFE, payment of input taxes rather than Customs duty on DTA supplies by SEZ, etc.) and the steps to generate economies of scale.

Budget 2024 Expectations on SEZ Law

The government may relax the requirement of making payments to MSMEs within 45 days of buying goods and services to check large corporate from looking at other sourcing avenues, sources said.
The announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the Income Tax Act made by MSMEs during pre-Budget consultations, sources said.
The government in last year’s Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country.
According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time — within 45 days in case of written agreements — it cannot deduct that expense from its taxable income, leading to potentially higher taxes.

Union Budget 2024 Latest Updates: Govt May Relax 45-day Payment Rule for MSMEs in Budget

The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session.
Apart from this, amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 are needed for privatisation of public sector banks, sources told PTI.
These Acts led to the nationalisation of banks in two phases and provisions of these laws have to be changed for the privatisation of banks, they said. Amendments, if approved by Parliament, would help bring down government holding in state-owned banks below 51 per cent, improve bank governance and enhance investors’ protection, sources said.

Union Budget 2024 Latest Updates: Govt May Introduce Amendments to Laws to Push Banking Sector Reforms

The US-India Strategic Partnership Forum has urged Union Finance Minister Nirmala Sitharaman to ensure a stable and predictable tax environment as she prepares for her annual budget later this month.
The US-India Tax Forum, a dedicated Tax Policy Forum of the US-India Strategic Partnership Forum (USISPF), said this in a set of recommendations to Sitharaman.
In a press release by USISPF, the tax forum said that a stable and predictable tax environment is imperative to boost investment sentiment across sectors.
“The industry eagerly anticipates the Union Budget 2024-25, the first budget of the re-elected Government, which is expected to introduce measures that will stimulate growth across sectors,” it said.

USISPF Urges FM Sitharaman for Stable, Predictable Tax Environment

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Union Budget 2024 Expectations LIVE: Will FM Nirmala Sitharaman Increase Section 80C Deduction Limit? - News18

Union Budget 2024 LIVE: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024-25 on July 23. The Budget, which is going to be her 7th, is expected to expected to push growth apart from providing relief to various sections of the society. Demands are coming in to the government ranging from tax relief for middle class to the sector-specific needs.
On Thursday, PM Narendra Modi also met the country’s eminent economists to discuss budget and the focus was given to the job creation. This will be the first major economic document of the Modi 3.0 government, which, among other things, is expected to lay the road map for making India a developed nation by 2047.
The economy has recorded a growth rate of 8.2 per cent in 2023-24 Earlier in February, Sitharaman came out with an interim budget for 2024-25 in view of the Lok Sabha elections.

Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024-25 on July 23.

New Delhi, India

News18

https://images.news18.com/ibnlive/uploads/2024/01/budget-2024-image-2024-01-6db7bbc12785382c45a01b4b5e6142df-16x9.jpg?impolicy=website&width=1200&height=675

India

Union Budget 2024 Latest Updates: In the new globalised world, education has become the passport to progress and students across India are looking for opportunities. Some specific areas of favourable allocation in the budget should include: Expansion of infrastructure for education, investment in skill development programmes (particularly in areas that align with emerging industries), expansion of scholarships and other financial aid programs for students from economically weaker sections of society, implementation of new pedagogical methods that focus on learning for a lifetime, strengthening of vocational training programs to equip students with industry-relevant skills and increased investment in research and innovation in the field of education. There is also a need to upscale the education system to attract more foreign students to the country to promote India as a global study destination, said Shweta Sastri, managing director of Canadian International School, Bangalore.
Addressing issues like gender disparity, access to quality education in rural areas, and the need for increased investment in education are crucial in achieving equitable and inclusive education for all.


Union Budget 2024 Latest Updates: Healthcare is a rapidly growing sector in the country but needs attention from the government to ensure access to all sections of society. From the upcoming Union Budget, the industry urges the government to focus on the professional development and growth of healthcare personnel in India as this would have a widespread positive impact on the healthcare sector.
“We expect a generous financial allocation and investment in bridging gaps that exist in the education, career growth, and upskilling of healthcare professionals. The budget could also propose investment in the establishment of a ‘Clinical Governance System’ that assists in the development of clinical protocols, monitoring of their implementation and outcome and the standardization of care delivery that helps in cost control. Policies that empower the diverse community of the healthtech sector — from students to seasoned practitioners—to enhance their professional prospects and growth through technology-enabled, personalized support in healthcare and its related sectors would be welcome,” Chandrika Kambam, founder and managing director of healthtech platform Anastomos, said.
She added that there is also an urgent need for a supportive regulatory framework for healthcare startups that encourages innovation while ensuring compliance. Tax incentives, grants, and dedicated incubation centers to foster growth within the healthtech ecosystem would enhance its growth in the larger healthcare sector. Additionally, the upcoming union budget presents a significant opportunity for the government to support the growth of startups driven by women entrepreneurs, especially in the healthtech sector. They can be empowered through targeted financial assistance, mentorship programs, and subsidy initiatives. Lastly, robust investments in cybersecurity infrastructure and regulations are essential to protect sensitive health data. Integrating healthtech solutions with government schemes like Ayushman Bharat would also enhance efficiency and expand access to quality healthcare across India.”


Akash Agrawal, co-founder of Zoff Foods, said, “We urge the government to address the current inverted tax structure within the Goods and Services Tax (GST) framework. This structure impacts food manufacturers, hindering their ability to claim the full Input Tax Credit (ITC) due to higher tax rate paid for services and other items as compared to lower tax rate of raw materials. The tax rate on basic raw material procurement and final product is 5%, which makes a significant ITC blockage for manufacturers, leading to an average cash flow deficit of 10-15%. For instance, the tax rate on services is 18% whereas the tax of other raw materials range between 12%-18%. This ultimately translates to reduced investments in production capacity, innovation, and job creation.”
The government should consider revising the tax structure or implementing policy amendments to ensure a smoother flow of ITC for food manufacturers. This will not only improve the financial health of the industry but also contribute to the government’s objective of a robust and competitive food processing industry, he added.


Deepak Pahwa, director of Delair, said, “The pharmaceutical industry is optimistic about the upcoming budget, especially following the government’s implementation of enhanced quality control measures like Good Manufacturing Practices and revised Schedule M. With the Indian pharma sector making significant strides globally, increased budget allocation can bolster our international standing. We anticipate initiatives incentivising R&amp;D to support the local manufacturing of high-quality pharma products. Additionally, PLI schemes could greatly assist in establishing advanced manufacturing facilities and integrating cutting-edge technologies and machinery. These steps are vital for promoting innovation and sustainable growth within the industry.”


Manas Mehrotra, founder of coworking firm 315Work Avenue, said, “Taking into consideration the popularity of hybrid working, we have a few expectations around GST and taxation from the upcoming Union Budget that can further accelerate growth of this sector.”
The salary upper limit of 25k could be enhanced to 40k and timeline from 3 yrs to 5 yrs to enable start-ups/coworking entities to enjoy the benefit of sec 80JJAA as these industries are generating a greater volume of employment. Input tax credit under GST is an important issue that concerns coworking sector. We expect the budget would enable coworking firms to claim input credit on work contract and construction services supplied so that it is passed on to companies who lease out space for coworking and thereby reduce their overall costs, Manas said.
“There are few other aspects that needs attention. Typically stamp and registration duties are high and since both the landlord as well as client agreements are subject to these charges, hence, either concession in such stamp duty rates or allowing twice the duty paid as expenditure under income tax will encourage even the small agreements to get registered. An important requirement for the coworking industry has been Lower/Concessional rate of TDS which will improve the working capital. Another measure that could be announced to intensify growth of the coworking sector is a further and continued extension of tax holiday for start-ups as they would be motivated to scale up their business and enhance investment,” he added.


Vineet Narang, founder &amp; managing director of HearClear India, said, “The elder Care Segment in India needs government focus. Our elderly population is growing and will reach a staggering 34.7 Crore by 2050. The Indian Healthcare ecosystem will need to gear up to manage this growing old population. We are fully aligned with the Government Proposal of health benefits to all individuals over 60 years of age, with contributory scheme coverage of Rs 5 Lakh annually. This is a much needed step and should be implemented at the earliest.”
Further we really request the Government to implement their proposal of expansion of Ayushman Bharat PM Jan Arogya Yojana to cover all Senior Citizens. This should also cover in-home care needs of elderly patients. Today in-home care is the need of the hour and specifically with increasing age, healthcare at home will bring huge relief to our ageing elders, he said.
Indian Diagnostic Infrastructure needs a significant boost. ‘Proximity to Patient’ is a critical step towards ‘Healthcare for All’. Patient should either get diagnostics done at home or if specific tests cannot be done at home, one should be able to find a High Quality Diagnostic Center within a 5 km radius. We urge the government to provide financial assistance, and special reliefs for new start-ups to enter the diagnostics space and create private infrastructure to feed the growing demand, he added.


Seema Prem, co-founder &amp; CEO of FIA Global, shares some measures that should be announced in the Budget to support Bank Mitras/Business Correspondents, who serve as essential frontline workers in delivering financial services, on enhancing their infrastructure and financial sustainability:
1. Infrastructure Grant Fund: Establishment of an infrastructure grant fund tailored for Bank Mitras. Given the perpetual necessity to upgrade hardware, such a fund would ensure access to the latest equipment. Bank Mitras would then be able to operate more effectively.
2. India Business Correspondent Equity Fund: Like the India Microfinance Equity Fund, IBCEF may be created as a partnership between the Central Government and the Development Finance Institutions. A dedicated fund providing equity to Bank Mitras will help them achieve scale and efficiency in operations.
These investments will empower Bank Mitras to make enduring contributions to their communities, and will also allow them to thrive economically.


The Indian economy is moving on a strong growth trajectory. This makes the government finances comfortable on the revenue side. The budget is expected to maintain the fiscal deficit and borrowing targets same as the February interim budget.
“There could be some positive announcements on allocations towards rural economy. Also, there is a possibility of tax benefits for the lower income brackets. Focus on capital expenditure is also expected to continue with increasing central expenditure, persuading state level capex and also incentivising private capex. Overall, we are likely to see policy continuity,” said Nimesh Chandan, CIO of Bajaj Finserv Asset Management.


Railways’ shares like RVNL, Titagarh Rail, etc and the shipping sector stocks like Shipping Corporation of India and Mazagaon Dockyard, among others, have been on the up move in the stock market for the past few days amid reports that the government is likely to announce measures for these sectors.


As Finance Minister Nirmala Sitharaman is set to present her 7th Budget, there are various expectations. One of the major expectations is an increase in Section 80C tax deductions.
These deductions are available for old tax regime and offer exclusion on income up to Rs 1.5 lakh from the calculation of tax liability in a year.


“As we approach the 2024 India Budget, we are cautiously optimistic about the potential measures that will be announced. We believe this budget presents a pivotal opportunity to bolster economic growth and investor confidence. We anticipate the government’s focus on stimulating key sectors such as infrastructure, healthcare, and technology, which are critical for long-term sustainable development. An important announcement that we expect is on ESOPs (Employee Stock Ownership Plans). These are employee incentives that companies use to attract, reward, and retain talent. ESOPs also enable employees to become shareholders and benefit from the company’s growth. Most of the new generation companies give part of company stake as ESOPs to senior employees, who work as well as promoters, but end up losing 40% value vis-a-vis promoters who can enjoy long-term capital gains (LTCG) advantage on equity. This situation needs to be rectified to enable them to earn higher margins,” Swati Saxena, founder and CEO, 4Thoughts Finance, a wealth management firm.
Additionally, the re-investment from sale of startups is exempted from tax only for Rs 10 cr investment in real estate. However, there is a need to encourage startup investments and make the sector more appealing. One way could be to enable re-investment in startups to get a boost through a tax exemption. We also see the automotive industry looking forward to some key measures in the upcoming budget, especially with the Faster Adoption and Manufacturing of Electric Vehicle (FAME). Increased support in R&amp;D of the EV sector can also help boost India as a global leader in EV Technology. The budget can also ensure greater sync between Dividend Distribution Tax (DDT), which is very high, and Long-Term Capital gains on equity which is very low. All these measures would prove beneficial to the liquidity availability in the economy and ensure its healthy growth, she added.


Parliament’s Budget Session will be held between July 22 and August 12, and Finance Minister Nirmala Sitharaman will present the Union Budget 2023-25 on July 23. It will be her 7th annual financial statement in a row.
The government will likely present the Economic Survey on July 22. This will be the first full budget of the Modi Govt 3.0.
An interim budget was presented on February 1, 2024, due to the Lok Sabha polls, which were held in April-June.
Nirmala Sitharaman on June 12 took office for her second consecutive term as the minister of finance and corporate affairs.
After taking charge as the finance minister in the Modi 3.0 government, Sitharaman highlighted the objectives and outlined how the 2024 full budget will include various aspects of the Indian economy.


“The healthcare sector in India is on the brink of excellence. There is an increased focus on treating unique patient cases, robotic surgeries, and increasing prominence of AI for accurate diagnosis. To reach the next phase, emphasis must be laid on innovation, research &amp; development, and infrastructure development. These are the foundations for India’s health sector to achieve an international standard of treatment for all. Strengthening infrastructure will create a robust healthcare network in rural India, benefiting the entire population. However, affordability remains a challenge in accessing healthcare services and treatments. Public-Private Partnerships (PPPs) can effectively address these challenges by combining the resources of both public and private entities to deliver comprehensive healthcare nationwide. Additionally, the healthcare sector needs programs to provide training at various levels to address the talent shortage. We positively look forward to the Union Budget 2024-25 with the hope that it will address the existing challenges in the healthcare sector,” said Joseph Pasangha, Group COO, SPARSH Hospital, Bengaluru.


The real estate sector expects a range of measures from the government in the Union Budget 2024-25, including industry status to the sector and tax reliefs.
Mohit Goel, managing director of Omaxe, said, “We urge the government to consider increasing the deduction limit for interest on home loans from the current Rs 2 lakh to Rs 5 lakh annually, which could dramatically boost housing demand. Additionally, reducing the GST on under-construction properties and adjusting the pricing of raw materials would further stimulate the market. These changes are essential not just for energizing the sector but also for driving demand in approximately 250 related industries.”
Aditya Kushwaha, CEO and director of Axis Ecorp, said, “The real estate sector has flourished in recent years despite challenges such as rising property prices and the highest interest rates in six years. Demand for luxury real estate and second home categories has remained robust. We anticipate that the 2024 Budget will favour homebuyers, supporting the sector’s ongoing growth. The recent focus on affordable housing is expected to continue, especially with FM Nirmala Sitharaman’s interim budget announcement of adding 2 crore more houses to the PMAY-U scheme. A similar emphasis on affordable housing in the upcoming budget would be beneficial.”
Nayan Raheja from Raheja Developers said, “The real estate sector expects the government to ensure by taking certain initiatives at the policy level in its forthcoming budget. Industry status and single-window clearance are long pending demands, and we hope for affirmative action on these. Raising the deduction limit under section 80C for principal repayment of housing loans from the present 150,000 is among other initiatives the sector is hoping for. We are hopeful that the budgetary announcements will further boost the sector’s potential and enhance its share in the country’s economy.”
Ashwinder R Singh, co-chair of CII’s NR Committee on Real Estate, CEO Residential at Bhartiya Urban, and Author, said, “The real estate sector has certain expectations for the 2024-2025 Union Budget. These include increasing the home loan interest rebate to Rs 5 lakh, reducing GST on construction, redefining affordable housing limits, granting industry status, incentivizing sustainable practices, and implementing a single-window clearance system.”
Ankush Kaul, chief business officer of Ambience Group, said, “The Indian real estate sector contributes roughly 8% to GDP and is the second-highest employment generator in the country. Ahead of the Union Budget 2024-25, one of the sector’s primary expectations is granting industry status along with the single-window clearance system. Considering these long-pending demands would give a new push to the sector.”


Gunjan Prabhakaran, partner &amp; leader (indirect tax) at BDO India, said the market expects the Union Budget 2024-25 to provide clarity on the future of SEZ law (e.g. continuation of present SEZ Act or introduction of proposed DESH bill) especially in the context of the first 100 days plan of MOC with respect to changes in SEZ law (NFE, payment of input taxes rather than Customs duty on DTA supplies by SEZ, etc.) and the steps to generate economies of scale.


The government may relax the requirement of making payments to MSMEs within 45 days of buying goods and services to check large corporate from looking at other sourcing avenues, sources said.
The announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the Income Tax Act made by MSMEs during pre-Budget consultations, sources said.
The government in last year’s Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country.
According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time — within 45 days in case of written agreements — it cannot deduct that expense from its taxable income, leading to potentially higher taxes.


The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session.
Apart from this, amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 are needed for privatisation of public sector banks, sources told PTI.
These Acts led to the nationalisation of banks in two phases and provisions of these laws have to be changed for the privatisation of banks, they said. Amendments, if approved by Parliament, would help bring down government holding in state-owned banks below 51 per cent, improve bank governance and enhance investors’ protection, sources said.


Union Budget 2024 Latest Updates: Govt May Introduce Amendments to Laws to Push Banking Sector Refor

The US-India Strategic Partnership Forum has urged Union Finance Minister Nirmala Sitharaman to ensure a stable and predictable tax environment as she prepares for her annual budget later this month.
The US-India Tax Forum, a dedicated Tax Policy Forum of the US-India Strategic Partnership Forum (USISPF), said this in a set of recommendations to Sitharaman.
In a press release by USISPF, the tax forum said that a stable and predictable tax environment is imperative to boost investment sentiment across sectors.
“The industry eagerly anticipates the Union Budget 2024-25, the first budget of the re-elected Government, which is expected to introduce measures that will stimulate growth across sectors,” it said.


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