Breaking News: Union Budget 2024 to Bring Major Tax Relief for Salaried Class, Expected by July End!
Image Credit: Times of India
Finance Minister Nirmala Sitharaman will most likely present the Union Budget for the 2024-25 fiscal year at the end of July. And as per a report by PTI, she may hold pre-budget consultations on 20th June. The first session of the 18th Lok Sabha will begin on June 24 and the session will conclude on July 3. Following this, it is expected that the Budget will be coming at the end of July.
This Budget is anticipated to introduce reforms for the income tax structure in India, focusing on reducing taxes for the lower income bracket to stimulate consumption. As we know, in the current income tax structure, 5% is charged for income exceeding Rs. 3 lakh, which goes to 30% for income over Rs. 15 lakh—a sixfold increase despite a fivefold income rise.
CII anticipates inflation around 4.5%, urging RBI rate cuts by year-end. Income tax relief for the people in the lowest slab may need to be considered in the upcoming full Budget for 2024-25 considering the high levels of inflation, according to newly-elected CII President Sanjiv Puri, who suggested these changes in an interview with PTI.
The Reserve Bank of India (RBI) estimated that the Indian economy is projected to grow at 7.2% in the current fiscal year on the back of improving rural demand and moderating inflation. The key priorities for this year’s budget would be dealing with stress in the agriculture sector, job creation, sustaining capex momentum, and pushing revenue growth to stay on the fiscal consolidation path. This will be the record 7th time a budget is presented by this minister and will surpass Morarji Desai’s record, who presented the budget a record 6 times decades ago. This is another achievement for Nirmala Sitharaman as Finance Minister, as she is also the only woman Finance Minister to serve two terms consecutively.
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