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2024 Budget: With India gearing up for the upcoming Lok Sabha elections, the central government has unveiled its interim budget. Finance Minister Nirmala Sitharaman presented the budget in Parliament, maintaining a straightforward approach without introducing major changes.
The 2024 budget retains the existing tax rates for both direct and indirect taxes. Minister Sitharaman took the opportunity to commend the economic and fiscal reforms implemented by the Modi government, particularly highlighting the reduction in the time frame for tax return processing from 93 days to just 10 days.
The most significant change impacting the general public is the adjustment of the minimum taxation slab, raised from 5 lakh rupees to 7 lakh rupees. Individuals earning below 7 lakh rupees are now exempt from income tax. Additionally, the corporate tax rate for domestic companies has been reduced from 30% to 22%.
The budget did not unveil any unexpected shocks for the public, and there were no grand promises in anticipation of the elections. It stands as a straightforward and formulaic financial plan.
Prime Minister Modi commented on the budget, stating, “It has been announced that the government will build 2 crore more houses for the poor.” This aligns with the housing plan outlined by the finance minister.
Finance Minister Sitharaman expressed confidence in presenting the full budget again in July this year, implying the expectation of a victory for the BJP in the upcoming elections.
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