BUDGET 2024 NEWS & UPDATES

With the presentation of this year's budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai's six budget presentations.

The auto industry eagerly awaits Budget 2024 with expectations like FAME 3 scheme, incentives for hybrids, and more. Discussions on bringing petrol and diesel under GST continue. Focus also on vehicle scrapping and PLI scheme incentives. This article delves into the key budget expectations of the auto industry in India

As per the interim budget announcement, India’s space budget for 2024-25 will stand at around Rs 13,042.75 crores, a 4% increase from the previous year’s Rs 12,545 crore.

​​​Weeks before the budget presentation, the finance minister also meets representatives from various industries like agriculture, trade, manufacturing and more to know what they want and based on that, fine tunes the budget.

Anticipation is steadily building for the Union Budget 2024, which President Murmu has hinted could be “historic”. Reports hint at a significant emphasis on the Railway budget this year.

As the Finance Minister Nirmala Sitharaman prepares to present the full budget for the current fiscal on July 23, the expectations from the health sector has only been growing.

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.

Startups in India have high expectations from this year's upcoming Union Budget. The early-age startups expect the removal of angel taxes, whereas the health tech startups expect increased funding for the sector.

From fiscal deficit to GDP, understand key terms to navigate the financial landscape and make the most of the Union Budget 2024. Don't be perplexed when FM Nirmala Sitharaman uses complicated jargon, and know all about annual financial statements, divestments, economic survey capex, and more such terms on 23rd July!

Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23, which will be the first major policy document of the new government.

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.

Budget 2024 will be marked by major social and economic decisions, Sitharaman had recently noted in her parliamentary address. She concluded pre-budget consultations, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, infrastructure sector, and more.

The first full budget of the BJP-led NDA government in its third successive term will be presented by Finance Minister Nirmala Sitharaman on July 23. She has been holding pre-budget consultations. As part of the deliberations, she has met economists, experts in finance and capital markets, industry representatives and agriculture experts.

Many are expecting the government to raise the standard deduction threshold from the current Rs 50,000 to Rs 1,00,000. The government is also thinking of raising the limits of the Public Provident Fund (PPF) from Rs 15,000 to Rs 25,000. The budget is expected to boost India's economy by 20%.

If any amount you receive from NPS is reinvested in the annuity plan, it remains tax-exempt. However, income from annuities is taxed according to your regular income tax slab. Any early withdrawals you make (before 60 years) will attract taxes. A standard deduction of Rs 50,000, or the amount of annuity income (whichever is lower) can be claimed

Terming the state budget as "revolutionary," Maharashtra Chief Minister Eknath Shinde said that this budget in a true sense empowers women, youth, and farmers through various schemes worth Rs 1 lakh crore.

With the income tax filing deadline less than a month away, you need to ensure you are up-to-date on all the changes that are applicable this year. While modifications in tax and taxability of income from insurance policies (other than ULIPs) are among the most notable changes that have drawn a lot of attention, there are a couple of lesser known changes one should be aware of when filing one’s taxes. We take a look at these changes.

The budget for fiscal 2024 is growth-oriented and focuses on capital spending to stoke demand and ultimately crowd in private-sector investments. It also provides support to micro, small and medium enterprises (MSMEs) and should boost consumption demand through tax concessions. Yet it plans to stick to the fiscal consolidation path — there is no borrowing shock — which augurs well for interest rates. Such tidings will prepare the economy for its next phase of growth.

The Indian government has announced multiple initiatives in the budget for the development of infrastructure. This budget focuses on increased spending in infrastructure, which is likely to have a multiplier effect by increasing demand generation, creating more employment as well as enhancing the quality of life of citizens. The budget also announces multiple forward-looking initiatives for improving the infrastructure sector.

For education and medical treatment there is no change to the earlier tax of 5% on remittances in excess of ₹7 lakh Overseas tour packages will get m...

Finance minister Nirmala Sitharaman’s Budget 2023 has set the tone for the Indian economy’s longer-term future by making room for fiscal consolidation while still boosting the government’s capital expenditure investments, made possible by cutting down on populism, say analysts. Going forward, analysts expect cyclical and capital-intensive sectors like infrastructure to benefit from the government’s economic direction.

The Finance Minister reduced the maximum tax rate, and that will push HNIs and UHNIs to invest more. Home-grown and global A...

The Economic Survey of 2022-23 expects the Indian economy to grow at 7% for the year ending March 2023, with the country also widely projected to be the fastest growing economy in FY23. At a time when the global economy is grappling with recessionary pressures, this status is a boon. In light of the above and considering that tax rates, deduction and exemption limits, have relatively remained unchanged for some time now, the expectations of individual taxpayers from the Union Budget were quite high. Finance Minister Nirmala Sitharaman proposed to introduce five major amendments to tax regulations, impacting individual taxation. It is important to note that all these changes, except that relating to leave encashment, apply only to the new tax regime.

There may be more pain than gain for EV makers and buyers from the Union Budget 2023-24. While the Finance Minister did extend the customs duty exemption for capital goods and machinery for lithium-ion manufacturing for EVs, she did make importing auto parts costlier for all automobiles. The net net effect may be that EVs might become costlier going ahead. "To further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles," said finance minister Nirmala Sitharaman in her budget address.

The Union Budget is one of the most anticipated annual events in India. I personally believe that the Union Budget 2023-24 should not be seen as an isolated event but as one of the many steps over a series of successful and pathbreaking reforms. The focus areas are: (i) boosting economic growth, (ii) employment generation, (iii) encouraging savings and investments, and (iv) fiscal consolidation. The government needs to be commended for keeping the fiscal deficit under control. India’s fiscal deficit was in line with the Budget Estimates of 6.4% of the gross domestic product (GDP). Buoyant direct and GST (goods and services tax) collections were one of the reasons for successfully keeping the fiscal deficit under check.