Producer: Mehak Pal Editor: Sujata Singh
The 2024 Union Budget will be presented in the Lok Sabha on July 23, 2024. The budget session will be from July 22 to August 12.
The new budget is expected to increase the standard deduction limit when it comes to income tax for salaried individuals. Currently, the limit is fixed at ₹50,000, it is speculated to be raised somewhere above ₹50,000 to ₹1,00,000.
The upcoming budget may accommodate a key policy for home loan borrowers, which could be tax benefits under Section 24(b) of the Income-Tax Act.
To support women’s well-being, the new budget will anticipate subsidies on essential commodities like direct benefit transfers on cooking gas.
A similar effort is also portrayed for healthcare services, especially for women.
There are chances of the income tax exemption limit on interest from savings accounts to be raised to ₹25,000 from the current ₹10,000.
The budget is aimed at prioritizing infrastructural development and other sectors like defense, railways, and renewable energy.
The government also aims to boost India’s ease of doing business by decriminalizing over 100 law provisions, decreasing the consequences of fines.
The new budget will unveil a new labour and welfare index for calculating and improving uniformity across various states in implementing labour laws.