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Presenting her sixth union budget, Finance Minister Nirmala Sitharaman, today unveiled the Interim budget ahead of the Lok Sabha Elections.<\/p>\n\n\n\n
The Interim budget is presented during an election year when the government cannot present a full annual budget. It allows the centre to seek approval from the lower house to get funds needed for the transition period from April to July.<\/p>\n\n\n\n
The session that began yesterday with President Droupadi Murmu’s address to the Rajya Sabha and Lok Sabha will end on February 9.<\/p>\n\n\n\n
If you’re wondering how will budget 2024 affect you, here are some key highlights to look out for.<\/p>\n\n\n\n
The Finance Minister highlighted the Viksit Bharat@2047 mission, the government’s vision of a developed nation within a centenary of its independence in 2047.<\/p>\n\n\n\n
To achieve this vision, the government will adopt innovative economic policies for sustainable growth, better productivity, and greater opportunities to boost investment. Rs. 75,000 crores have also been proposed as a 50-year interest-free loan to support milestone-linked reforms by the state governments.<\/p>\n\n\n\n
In the interim budget, FM Nirmala Sitharaman proposed no changes in income tax slabs. She also proposed to retain existing rates for both direct and indirect taxes<\/a>, including import duties.<\/p>\n\n\n\n The FM also highlighted that the number of tax filers has increased 2.4 times and tax receipts for 2024-25 are projected at Rs 26.02 lakh crore. Additionally, the government will withdraw tax demand up to Rs 25,000 up to 2009-10, which could benefit 1 crore taxpayers.<\/p>\n\n\n\n During the budget 2024 speech, the FM revealed the average processing time for income tax refunds has significantly reduced from 93 days in 2013-2014 to just 10 days in the past year.<\/p>\n\n\n\n The Finance Minister proposed to extend tax benefits to startups to March 2025. Investments in sovereign wealth or pension funds<\/a> will also remain tax-free for another year.<\/p>\n\n\n\n The budget also highlighted that PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore to fuel the entrepreneurial dreams of the nation’s youth.<\/p>\n\n\n\n In her budget speech, the FM proposed to increase the infrastructure budget for the next year by 11.1% to Rs. 11,11,111 crores. This would amount to 3.4% of the country’s GDP. Focus on key segments include railways, metros, power, and capital goods among others.<\/p>\n\n\n\n In a bid to transform households into power-generating units, FM Nirmala Sitharaman announced the government’s vision to popularise rooftop solarisation for free electricity. This is expected to give 1 crore households 300 units of free electricity per month.<\/p>\n\n\n\n Households will be able to save Rs. 15,000 to Rs. 18,000 from free solar power and can also sell to power distribution companies.<\/p>\n\n\n\n The government is also set to launch a housing scheme for the middle class, slum dwellers, as well as those living on rent. To achieve this, 2 crore more houses will be given under the Pradhan Mantri Awas Yojana \u2013 Gramin in the next 5 years.<\/p>\n\n\n\n While there were no changes in the tax slab, the session ended with promising developments in the infrastructure, electricity, business, and housing sectors.<\/p>\n\n\n\n If you’re looking to invest in solar panels, launch a startup, or buy a new home through the PMAY<\/a>, opt for Tata Capital’s wide range of loan offerings for comfortable financing. Visit our website to learn more.<\/p>\n\n\n\n For all your financial requirements visit your nearest Tata Capital branch or check the website –\u00a0www.tatacapital.com<\/a><\/p>\n\n\n\nIncome tax refund time reduced <\/strong><\/h2>\n\n\n\n
Tax benefits to startups <\/strong><\/h2>\n\n\n\n
Infrastructure budget for the next year <\/strong><\/h2>\n\n\n\n
Focus on rooftop solarisation <\/strong><\/h2>\n\n\n\n
New housing scheme <\/strong><\/h2>\n\n\n\n
Wrapping up <\/strong><\/h3>\n\n\n\n