Explore the official links we’ve shared where you can easily download important documents for India’s Budget 2024. Get the Finance Minister’s speech, highlights, and the Finance Bill in PDF format directly from the official Union Budget of India website: https://www.indiabudget.gov.in/. Stay updated on crucial fiscal policies and government allocations for the upcoming year with these official resources.
On February 1, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024 in the Lok Sabha. This budget, being an interim one, holds significance as it was unveiled just ahead of the Lok Sabha Elections. While no alterations were made to the tax slabs in both the old and new regimes, the full-fledged budget is scheduled to be presented in July after the formation of the new government post-elections.
Budget Documents and Key Highlights:
For those seeking an in-depth understanding of the Union Budget 2024, the official website (https://www.indiabudget.gov.in/) offers a range of downloadable documents. These include:
- Budget at a Glance: A comprehensive overview providing a snapshot of the budget, summarizing key figures and allocations.
- PDF File Deficit Statistics: Detailed statistics on fiscal deficit, revenue deficit, and primary deficit, crucial indicators of the government’s financial health.
- PDF File Receipts: Breakdown of revenue receipts, including tax revenue, non-tax revenue, and capital receipts.
- PDF File Expenditure: A detailed account of government expenditure across various sectors and programs.
- PDF File Transfer of Resources to States and Union Territories with Legislature: Insights into the financial distribution to states and union territories.
- PDF File Budget Profile: An analysis of the budget profile, offering a deeper understanding of the allocation of funds across different sectors.
- PDF File Outlay on Major Schemes: A detailed breakdown of the budgetary outlay for major schemes, providing transparency on government priorities.
Taxation in Budget 2024:
The income tax slabs remained untouched in both the old and new tax regimes. Finance Minister Nirmala Sitharaman, in her address, stated, “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes, including import duties.”
However, the Finance Minister highlighted certain tax benefits that are set to expire on March 31, 2024. These include benefits for start-ups and investments made by sovereign wealth or pension funds, as well as tax exemptions on specific income of some IFSC (International Financial Services Centre) units.
To ensure continuity in taxation, the Finance Minister proposed an extension of the expiration date to March 31, 2025. This move aims to provide stability and support to sectors that have been granted these tax benefits, encouraging continued growth and investment.
The Union Budget 2024, presented as an interim measure, sets the tone for the financial year ahead. While maintaining stability in tax slabs, the government aims to provide a seamless transition for sectors benefiting from expiring tax benefits. The downloadable budget documents on the official website offer detailed insights into the allocation of funds and the government’s priorities, serving as a valuable resource for businesses, investors, and the general public. As India prepares for the Lok Sabha Elections, the full budget in July will likely provide a more comprehensive roadmap for the nation’s economic trajectory.