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Home > Income Tax > Help Center > Indian Budget 2024Last Updated: Jul 16th 2024
A budget is a financial plan for a specified period say Year in general. The Government of India i.e., Ministry of Finance after consultation with all the other ministries prepares the annual budget. The budget will be generally presented by the Finance Minister on the first day of February in Parliament. The proposed budget will come into effect from April 1st of the respective year.
Despite the fact that it is an interim budget for 2024 in light of the forthcoming general elections that year, it is distinctive in that the present administration has presided over it for more than nine years and is now in a position to confidently declare tax changes and reforms. In light of this, Indian taxpayers, businesses, CEOs, CFOs, entrepreneurs, and founders of startups are extremely interested in the interim budget.
A remarkable achievement thus far is the Indian economy's capacity to endure challenges and expand its GDP by 6.4% (as of October 2023). It is expected that Budget 2024 will demonstrate a strong commitment to the "Make in India" campaign, which seeks to empower India to independently procure technology and defense supplies.
Union Budget 2024 is expected to be announced on July 23, 2024, at 11 AM IST.
Based on Shri Nirmala Sitaraman Ji's, and her ethos in easing tax compliance, the likelihood of an increase in the basic exemption limit (BES) is extremely low, as it would result in the adjustment of income tax slabs and the subsequent complexity of understanding the impact.
Additionally, we do not anticipate any modifications to the tax slab rates under the Old and New tax regimes, as the tax slab rates were rationalised in the New tax regime in the 2023 Budget.
However, we anticipate that the rebate under the new tax regime may be increased to Rs 7.5 lakhs, which would result in a tax savings of Rs 30K for middle-class taxpayers.
Also, in order to revitalize the Indian economy, particularly the housing sector, the interest rate on home loans under section 24 of the old tax regime may be raised from Rs. 2 lakhs to Rs. 3 lakhs. It benefits a significant number of taxpayers, allied sectors, as the interest rates on loans are on the rise.
In addition to this, the rationalization of GST rates is another significant announcement that is anticipated. Although this was anticipated in previous budgets, the timing was never opportune due to its influence on the political landscape. Given that this is a new term for the NDA and is a fairly significant mandate, the Honble FM would address this matter in the interest of India.
List of expectations / recommendations for the Indian union budget 2024 were originally published on Jan 11th 2024 @ Indian Budget 2024 | Pre-Budget Expectations
A Well rounded interim budget, focus on growth and stability of the Indian economy for future
No major changes to taxes in either Income Tax, GST and the Corporate tax structure.
The middle-class salaried-friendly budget proposed for the fiscal year 2023-24 remains unaltered. This budget grants salaried individuals a tax relief of up to Rs. 7L, amounting to a benefit of 25K to 45K.
Push towards green economy to encourage "households" use solar power under Govt. subsidy scheme is a great welcome
Additional support was provided regarding tax compliance, and the significance of nameless, faceless income tax investigations was emphasized.
What are we missing ?
There was no significant announcement regarding Farmers. We anticipate seeing more information once the budget is released.
As the 2024 Budget Session is an interim budget, no significant adjustments to income tax were proposed. Possible changes in the upcoming full budget that is going to be announced in July 2024.
that is expected to be applicable for FY 2024-25 as well
| S.No | Slab | Tax Rates |
|---|---|---|
| 1 | Upto Rs 3,00,000 | Nil |
| 2 | From Rs 3,00,001 to Rs 6,00,000 | 5% |
| 3 | From Rs 6,00,001 to Rs 9,00,000 | 10% |
| 4 | From Rs 9,00,001 to Rs 12,00,000 | 15% |
| 5 | From Rs 12,00,001 to Rs 15,00,000 | 20% |
| 6 | More than Rs 15,00,000 | 30% |
| with these new rates, one may save Rs.25,000 to 48,000 | ||
| S.No | Slab | Tax Rates |
|---|---|---|
| 1 | Upto Rs 2,50,000 | Nil |
| 2 | From Rs 2,50,001 to Rs 5,00,000 | 5% |
| 3 | From Rs 5,00,001 to Rs 7,50,000 | 10% |
| 4 | From Rs 7,50,001 to Rs 10,00,000 | 15% |
| 5 | From Rs 10,00,001 to Rs 12,50,000 | 20% |
| 6 | From Rs 12,50,001 to Rs 15,00,000 | 25% |
| 7 | More than Rs 15,00,000 | 30% |
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.
