Budget 2024: Kiren Rijiju, Union Minister of Parliamentary Affairs of India, on Saturday revealed the dates for the upcoming Budget for the 2024-25 fiscal year. The Union Minister informed that President Droupadi Murmu has authorised the proposed Budget Session dates from July 22, 2024 to August 12, 2024.
The Union Budget 2024-25 will be presented in the Lok Sabha On July 23, 2024 by Finance Minister Nirmala Sitharaman.
The Budget will mark the first under Prime Minister Narendra Modi's government in its third term in office. This will also mark the seventh consecutive budget to be tabled by Union Minister Nirmala Sitharaman.
From tax slabs to healthcare, stakeholders across sectors will be keenly observing the upcoming Budget Session as the event will provide an insight into the government's financial and economic policies ahead.
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Gaurav Goel, SEBI registered Investment Advisor, shared that the focus of the upcoming Budget should be on the new tax regime. “Previous efforts to popularise new tax regime over the older one has not yielded desired results so far. We expect the current income tax slabs to be rationalized under the new tax regime. The probability of zero tax for income slabs up to 5 lacs is a distinct possibility. This means that tax paying citizens will have to pay lower taxes for the income earned as compared to the previous year,” he commented.
Sandeep Agrawal, co-founder and director, Teamlease RegTech, said that it is not necessary that the government would introduce any major changes to the tax structure. However, he noted, that it can be expected from the Centre to introduce measures to consolidate the tax system. “The implementation of GST has reformed the indirect taxation system, and we can expect the Direct Tax Code to lower the tax burden and simplify the tax structure similarly,” he added.