Budget 2024: The Government of India will provide relief to employed people in the budget. The current government of Prime Minister Narendra Modi will present its final budget on February 1. This will also be the last budget of Finance Minister Nirmala Sitharaman because after this Lok Sabha elections are going to be held in the country in April. After that the Finance Minister of the new government will present the full budget.
Budget 2024: The Government of India will provide relief to employed people in the budget. The current government of Prime Minister Narendra Modi will present its final budget on February 1. This will also be the last budget of Finance Minister Nirmala Sitharaman because after this Lok Sabha elections are going to be held in the country in April. After that the Finance Minister of the new government will present the full budget. The question is whether the government will make big announcements for the salary class in the interim budget to be presented on 1 February 2024?
In the interim budget of 2019, exemption was given on savings of Rs 5 lakh.
In the interim budget of 2019, Piyush Goyal had announced tax exemptions for taxpayers with annual income up to Rs 5 lakh. He had also said that by taking full advantage of deductions and exemptions, the tax liability would be zero even on an annual income of Rs 6.5 lakh. He had also announced to increase the standard limit by 25 percent. Standard deduction was increased from Rs 40,000 to Rs 50,000. Taxpayers benefited greatly from both these announcements. Especially the common working people got great relief.
Will this limit now increase from Rs 7 lakh to Rs 10 lakh?
Currently, taxpayers get tax exemptions on annual income up to Rs 7 lakh. This time in the budget, working people are expecting this limit to increase. Salary Class is expecting this limit to increase from Rs 7 lakh to Rs 10 lakh in the budget. So that, they can save more money in times of inflation.
Will the Finance Minister make big announcements in the interim budget?
The government avoids making big announcements in the interim budget. But, looking at the budget presented in 2019, it does not seem so. Then Union Minister Piyush Goyal presented the interim budget on 1 February 2019, when he made many big announcements in that budget. He gave huge relief to the taxpayers in income tax. It was believed that these announcements were made in view of the Lok Sabha elections to be held after two months. This time also Lok Sabha elections are going to be held in April-May. In such a situation, the Finance Minister can make big announcements.
Budget will be presented on 1 February 2024
Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1, 2024. He has made it clear that there will be no big announcements in this budget. He has said that big announcements will have to wait till next year’s full budget. The full budget will come in July. Lok Sabha elections are going to be held in April-May 2024. After this, the new government formed at the Center will present the full budget.
