Budget 2024: 10 things to know about Modi government's 'interim budget'

Budget 2024: Finance Minister Nirmala Sitharaman will be presenting the interim budget on February 1, 2024, which will be valid till the general elections.

For the sixth consecutive year, Union Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2024. However, since the budget for the next financial year is coinciding with the Lok Sabha elections, the FM will be presenting the 'interim Budget' for the year 2024-25.

Finance Minister Nirmala Sitharaman in Parliament (PTI) (PTI)

Here is all you need to know about Budget 2024 -

Union Finance Minister Nirmala Sitharaman will present the interim Budget for the fiscal year 2024-25 on February 1, 2024.

The specifics of this budget will only be held valid till the results of the Lok Sabha elections 2024 are announced and a new government comes to power. The interim budget will be announced for the fiscal year starting on April 1, 2024 and ending on March 31, 2025.

After the Budget 2024 announcement by FM Sitharaman, all the documents linked to the presentation will be uploaded online for public view on http://www.indiabudget.gov.in/

Part A of the budget will include financial schemes in sectors such as health, education, banking, rural and urban industries. It will also include welfare schemes for different sections of society.

Part B of the budget will include information on direct and indirect taxes, as well as any revisions in income tax slabs, customs, excise duty and more. Further, the annex part gives a summary of all the tax announcements.

The presentation also reveals how much of the budget is being funded by extra-Budgetary resources, which are not included in tax and non-tax revenue.

The revenue and expenditure document of the budget will give projections about how much revenue is expected through income tax, corporate tax, GST, excise duty etc. Expenditure includes the ministry-wise breakdown of expenses in defence, education, health, etc.

The Finance Bill is also presented as part of the Budget every year, which will include details on the imposition, abolition, remission, alteration or regulation of taxes. The Budget will first be passed by Lok Sabha and then will go to Rajya Sabha, following debates and discussions on the same.

Once the Finance Bill is passed, the Budget 2024 will be put into law, giving legal backing to the presentation.

The interim budget will only detail the expenditure for the first few months of FY2024-25, till a new government is elected in the Lok Sabha elections 2024.