Hindustan Times
In Focus
In Focus
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Union Budget 2024: Announcement date, time, more
President Droupadi Murmu approved the presentation of the Union Budget for the financial year 2024-2025 in the Lok Sabha on July 23.
Photo Credits: ANI
The budget session led by finance minister Nirmala Sitharaman is set to kickstart on July 22 and conclude on August 12.
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The Union budget is expected to increase the standard deduction limit in income tax for salaried individuals, which is fixed at ₹50,000. This can be raised to somewhere around ₹1,00,000.
Photo Credits: Unsplash
A key policy can benefit home loan borrowers under Section 24(b) of the Income-Tax Act.
Photo Credits: Unsplash
The budget is also anticipated to support women's well-being and cater to rural demand through subsidies.
Photo Credits: ANI
A similar effort is projected for healthcare services, especially for women.
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Income tax exemption limits on interest from savings accounts can be raised to ₹25,000 from the current ₹10,000. For senior citizens, the limit is ₹50,000.
Photo Credits: Pexels
The budget is expected to prioritise infrastructural development including defence, railways and renewable energy.
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The government is aiming to boost ease of doing business by decriminalising over 100 law provisions, reducing consequences to fines and burden of court cases.
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The new budget will likely unveil a new labour and welfare index for comparing and improving uniformity across different states in implementing labour laws.
Photo Credits: Pexels
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