24, February, 2024
HomeIndiaUnion Budget 2024-25: Unveiling the Date, Tax Slabs, and Focus Sectors

Union Budget 2024-25: Unveiling the Date, Tax Slabs, and Focus Sectors

Published on

As the nation awaits the presentation of Union Budget 2024-25, scheduled for 1st February in Lok Sabha, let’s delve into the key features, expected tax slabs, and the focus sectors that will shape the fiscal landscape.

Read Also | Budget Session Kickstarts on Jan 31, FM Sitharaman to Unveil Interim Budget on Feb 1

Union Budget 2024-25 Overview: Union Finance Minister Nirmala Sitharaman is set to rise on February 1st to present the interim budget for the fiscal year 2024-25. This interim budget precedes the Lok Sabha elections, with the full budget expected after the formation of a new government.

Budget Composition: The Union budget will outline government expenditure and estimated receipts for the upcoming fiscal year, running from April 1 to March 31. In this post, we explore the date, time, and focus sectors of Union Budget 2024-25.

Key Features and Priorities: In the announcement of the union budget, Finance Minister Nirmala Sitharaman highlighted seven priority sectors, termed as the “7 pillars of saptarishi.” These priorities include sustainable growth, financial sector, infrastructure & investment, unleash potential, youth power, reach to the last mile, and inclusive development.

Union Budget 2024-25 Release Date: Announced by Finance Minister Nirmala Sitaraman, the Union Budget 2024-25 will be unveiled on February 1, 2024, in the Lok Sabha. For real-time updates, the presentation can be watched on Doordarshan, Sansad TV, YouTube channels, and news networks.

Expected Tax Slabs: Anticipated changes in the tax slabs for the fiscal year 2024-25 include a predicted 5% tax for income up to Rs. 3.5 lakhs, with increasing rates for higher income brackets. The expected tax rates are as follows:

  • Up to Rs. 3.5 lakh: Nil
  • Rs. 3.5 lakh to 6.5 lakhs: 5%
  • Rs. 7 lakh to 9.5 lakh: 10%
  • Rs. 9.5 lakh to 13 lakh: 15%
  • Rs. 13 lakh to 16 lakhs: 20%
  • Rs. 16 lakhs and above: 30%

Union Budget 2024-25: Important Metrics: As the Finance Minister prepares to deliver the sixth budget on February 1st, key metrics will shape the economic landscape. These metrics include the budget size, capital spending, nominal GDP growth, fiscal deficit, disinvestment, market borrowing, net tax gap, and RBI dividend.

Why an Interim Budget? Understanding the rationale behind presenting an interim budget, especially in an election year, involves adhering to election rules, ensuring continuity for critical services, avoiding major policy changes, maintaining fiscal prudence, and providing a short-term outlook until the new government takes charge.

Interim Budget vs Annual Budget: Distinguishing between an annual budget and an interim budget, the latter is presented during an election year to manage the country’s finances until elections conclude. An interim budget focuses on crucial spending and avoids long-term commitments.

Focus Sectors of Union Budget 2024-25: The Union Budget 2024-25 is expected to prioritize key sectors, including social welfare, agriculture, infrastructure, education, healthcare, and defense. Continued investment in welfare programs and sustaining momentum in infrastructure development are likely focal points.

Read Also | FM Nirmala Sitharaman Responds to Accusations, Confirms No Pending Funds for Karnataka

As Finance Minister Nirmala Sitharaman prepares to unveil the budget, these insights offer a comprehensive overview of what to expect in Union Budget 2024-25. Stay tuned for live updates and in-depth analysis.

Latest articles

‘Article 370’ – Yami Gautam Dhar’s Political Thriller Eyes a Rs. 5 Crore Opening

Yami Gautam Dhar, a prominent face in Bollywood, returns to the big screen with...

‘The Crew’: Kareena, Tabu, and Kriti Soar High in Bollywood’s Upcoming Comedy Delight

Get ready for a laughter-filled ride as Bollywood's leading ladies, Kareena Kapoor Khan, Tabu,...

Unveiling the Confirmed Cast for ‘The Boys’ Season 4

As excitement builds for the highly anticipated return of "The Boys" on June 13,...

More like this

Chinese Hackers Target India’s Government and Corporates in I-Soon Leak

In a recent and concerning development, a Chinese hacker group with alleged ties to...

Congress Alleges ‘Financial Terrorism’ by Government in Tax and Bank Account Dispute

In a heated exchange, the Congress party has accused the Narendra Modi-led government of...

Congress-TMC Seat Sharing Talks Resurrected: Strategic Alliances for INDIA Bloc Ahead of 2024 Elections

In a significant turn of events, seat-sharing discussions between the Trinamool Congress (TMC) and...
Enable Notifications OK