Union Budget 2024 – The financial minister Nirmala Sitaraman is going to declare a budget for the following year of 2024. In this budget she will mention all the economical expenditure for the assessment year. previous year 2023, SMT Sitaraman declared the Saptarishi which was the 7 top priorities of the assessment year 2023. These 7 priorities are the 7 pillars of this Saptarishi. These 7 priorities are financial sector, Green Growth, unleashing the potential, Infrastructure & Investment, Inclusive Development, arriving the last mile, youth power.
The following Union Budget 2024 will declare by the financial minister Nirmla Sitaram on February 1, 2024. All Indian peoples are very excited for the following Union Budget 2024 as they’re expecting that the government will declare some more beneficial schemes, programs & priorities for every peoples. As per the India top experts the government will try to control the Rajstave Ghata in this assessment year.
Union Budget 2024
- 1 Union Budget 2024
- 2 Union Budget 2024 Expected Release date
- 3 Key Terms to Understand for Union Budget 2024
- 4 Frequently Asked Questions
Budget is a financial estimation in accordance with which the revenue & expenditures are made. The Union Budget is made by the forthcoming financial year in which economic income & expenditure will mention by the Finance Minister. The government of India has to declare their scheme & budget which is going to run by the government for the following year with their expected expenditure required for that scheme will mention by the financial minister of India on every 1st February for the assessment year.
The preparation of the budget will commence in December & January for the following Union Budget 2024-2025. In this writing we’ll talk about Union Budget 2024-25 Expected Tax Slab, Union Budget 2024 Release date.
Union Budget 2024 Details
|Name Of the article
|Present finance Minister
|February 1, 2024
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Expected Tax Slab for Union Budget 2024
It’s expecting that in this new Union Budget 2024-2025 Expected Tax Slab will be 5 similar to the budget of 2023. It is expecting that the tax limit exemption will enhance by the finance minister upto 3.5 lakhs. As per the new budget 2024 it is expecting that all the individuals have to pay Rs. 0 as tax upto the Rs. 3.5 lakh revenue earned by them in the assessment year.
All the individuals who earned Rs. 3.5 lakhs to 6.5 Lakhs had to pay 5% tax of their total taxable income for the financial year. Ll the individual who earned Rs. 7 lakhs to 9.5 lakh in the financial year has to pay 10% tax on total taxable income of that financial Year & who earned Rs. 9.5 lakh to 13 lakh has to pay 15%, all individuals who earned Rs. 13 lakh to Rs. 16 lakhs to pay 20% , and Rs. 16 lakhs & above has to pay 30% tax on there total earning of the financial year.
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|Tax Rate (Expected)
|Upto the Rs. 3.5 lakh
|Rs. 3.5 lakhs to 6.5 Lakhs
|Rs. 7 lakhs to 9.5 lakh
|Rs. 9.5 lakh to 13 lakh
|Rs. 13 lakh to Rs. 16 lakhs
|Rs. 16 lakhs & above
Union Budget 2024 Expected Release date
The Union Budget 2024 is expecting to issue on February 1, 2024. The Union Budget will issue by the finance minister of India. Nirmala Sitharaman will declare the budget in Indian assembly at 11 AM which will be live for the peoples. The Union Budget 2024-25 will in effect upto July, 2024 due to the following election of India.
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It’s expecting that in this budget the government will try to issue a scheme for the people of India so that they can get more votes. This budget will affect the following election so everyone is very excited for this Union Budget 2024-2025.
Key Terms to Understand for Union Budget 2024
The Economic Survey presented during the Budget session is a flagship document summarizing the performance of the economy in the ongoing financial year. It sets the stage for the budget of the following financial year to present.
Inflation is the rate of enhance in the cost of goods, services & commodities in the nation. The higher the inflation any year, the weaker is the buying power of a consumer for a defined set of goods.
Direct & indirect taxes
Direct taxes are defining as the taxes that are levied directly from a taxpayer, like income tax or corporate tax. Meanwhile, indirect taxes are the taxes levied indirectly, like GST, VAT & excise duties on a service.
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The government utilizes the Finance Bill as a document to introduce the policy of levying new taxes, making changes in the tax structure or continuing with the existing tax structure.
Capital expenditure (capex)
The capital expenditure of a nation is the total amount of money that the Centre is planning to utilize development, acquisition or degradation of machinery & assets linked to boosting the economy.
The estimated funds allocated to ministries, departments, sectors & schemes in the nation are calling Budget Estimates. It determines how & where the money will utilize and what costs will incurred during a provided period of time.
This term introduce to the difference between the total spending of the government & income receipts of the last financial year.
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Frequently Asked Questions
Will tax slab change in 2024?
Hence, in 2024 when you file ITR for FY2023-24 (AY 2024-25) and opt for the new tax regime with taxable income not exceeding Rs 7 lakh, then no taxes will be payable. Do note that the rebate of Rs 12,500 is also available under the old tax regime but only if taxable income does not exceed Rs 5 lakh.
What is new tax slab 2023-24?
Therefore, no increase of the basic exemption limit will benefit the senior and the super senior citizens in the new tax regime. Individuals with a net taxable income of up to ₹ 7 lakh will be eligible for tax rebate u/s 87A under the new tax regime.
What is the tax exemption limit for 2023-24?
Under the new income tax regime, income up to Rs 2,50,000 is exempted from tax. Hence, no tax will be payable on this income. Post this, the income left which is still chargeable to tax is Rs 16,00,000 (Rs 18,50,000 minus Rs 2,50,000). The next slab is between Rs 2.5 lakh and up to Rs 5 lakh.