On July 24, Nirmala Sitharaman, the minister of finance of India, will deliver the Union Budget. July 22 is when the Budget session will begin, and it will end on August 12 2024. “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business),” announced Parliamentary Affairs Minister Kiren Rijiju on Social Media Platform X.
This year Prime Minister Narendra Modi leading govt. Presenting budget again as we know Modi Ji did head trick by making govt. In 2024 Lok sabha Elections and there is tremendous expectation because President Droupadi Murmu has stated that it would include numerous historic moves.
On February 1, Sitharaman submitted an interim budget to the Parliament. She will now surpass Morarji Desai, who delivered six consecutive budgets, to become the first finance minister in history to submit seven successive Union budgets. Typically, the Union Budget is unveiled on February 1. Nonetheless, FM Sitharaman submitted an interim budget in February due to the 2024 Lok Sabha elections.
There are several conjectures on what the FM may reveal about the advantages for the tax payers. An rise in the standard deduction cap is one such projected benefit. Experts suggest that the Finance Minister should think about raising the standard deduction to a maximum of Rs 1 lakh annually.
The standard deduction is a fixed deduction that is accessible to those who are paid a salary. To be eligible for this deduction, employees do not have to provide the company or the IT department with any documentation or proof. The 2019 interim budget raised the standard deduction cap to Rs 50,000. Nonetheless, there has consistently been a call to raise the cap.