Budget 2024 : Finance Minister Nirmala Sitharaman Presents Budget In Lok Sabha

Budget 2024 Updates: Finance Minister Nirmala Sitharaman is currently presenting the Union Budget in Lok Sabha. All eyes will be on her 7th speech in Parliament as she is presenting the second budget this year after the formation of the PM Modi-led NDA government at the Centre for the third consecutive time. FM Sitharaman will need to do a tight ropewalk to strike a perfect balance between a burgeoning middle-class income tax payers seeking relief in both Old Tax and New Tax Regime, industry seeks continued capex and the NDA allies who seek special assistance.

The industry body CII has also sought income tax relief for those in lowest income tax slab. Budget expectations include raising the Section 80C deduction limitations, loosening tax slabs, improving LTCG exemptions, streamlining F&O trading taxation, lowering tax rates on cryptocurrency gains, as well as cutting taxes on speculative income. Industry hopes the government can improve the financial climate. In addition to giving taxpayers immediate relief, these actions would encourage saving and investing, which will fuel long-term economic growth in India. Experts believe that the middle class is the cornerstone of the Indian economy and sustained development depends on promoting their financial well-being.