Budget 2024 … No Change & Rest We May see in MAY 2024… after the elections…
Budget 2024 – “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties. “
– Mrs Nirmala Sitharaman in Budget Speech 2024.
This was an interim budget & not the full budget.
Key Announcements of Interim Budget 2024
FDI – First Developed India – Next five years to be fabulous for Indian economy. The main Budget 2024 will have entire Roadmap/Blueprint of achieving this aim by 2047.
Reform, Perform & Transform to continue. FY25 capex estimate at record Rs 11.1 lakh crore.
1 Cr households set to receive 300 units of free electricity each month. This is the new PM Suryodya Yojna. (I think it is better than distributing freebies!)
No changes in Income Tax Rates (Below Tables) , Capital Gains, Standard Deductions, Other Deductions & Reliefs.
Withdraws pre-FY10 disputed tax demand of up to 25,000 rupee. Withdraws FY10-15 disputed tax demand of up to 10,000 rupees. (No Fighting with IT Dept!)
ITR Refund – The number of days for refund has come down to 10 Days.
Corpus of 1 Trillion $ set up to give interest-free loans for research in sunrise sectors by private entrepreneurs.
New Scheme is the areas of Milk Development, Defense DeepTech, Bio Manufacturing & Agriculture.
40,000 train coaches to be transformed into Vande Bharat standard.
To lay a white paper on lessons from mismanagement before 2014. (Opposition will not like it!)
Tourism Development: – Island Tourism initiatives in islands, including Lakshadweep (Maldives Will not like it!). Spiritual Tourism Development through States.
