Budget 2024 Expectations Live Updates: The full budget by Narendra Modi 3.0 government will be presented by Union Finance Minister Nirmala Sitharaman on July 23, 2024. The Budget session for the current year will begin from July 22nd and will continue till August 12. All eyes are on Budget 2024 to offer income tax relief salaried and individual tax payers. Meanwhile, experts are also expecting a surge in the allocation of government schemes such as PM-Kisan that could drive the rural economy. Also, Indians are eyeing measures that will give impetus to job creation and provide a path that will help India becoming a $5 trillion economy. Additionally, expectations of bringing petrol, diesel, LPG and other oil & gas products under GST have taken rounds.
In the upcoming Budget 2024, experts have been anticipating that the government might increase income tax exemption limit under the new tax regime from the current Rs 3 lakh to Rs 5 lakh. Previous year budget witnessed substantial modifications in the new tax regime designed at encouraging taxpayer participation. Meanwhile, a complete tax rebate was launched for taxable incomes up to Rs 7 lakh. This year, there is expectation for an extension of this rebate threshold to Rs 7.5 lakh. The adjustment is expected to provide huge relief to middle-income taxpayers. Meanwhile, industry players expect the government would come out with measures to enhance the rural economy and earmark adequate funds for agri-infrastructure development. Pre-budget expectations have started pouring in from various sectors and industries with their demands from this highly anticipated Budget, which President Droupadi Murmu had said will be a “historic” one.