Union Budget 2024 Live Updates

The Union Budget of India for 2024 is a significant financial event, setting the tone for the country's economic policies and priorities. The budget is expected to focus on various key sectors and address the needs of different demographics, including salaried individuals, senior citizens, women, students, and farmers. 

Finance minister Smt. Nirmala Sitharaman has introduced the nation with the Interim Budget of 2024 on February 1, 2024. 

Table of Contents

• Union Budget 2024 Live Updates
  • Accounting
  • Finance
• What is Union Budget of India?
• When is Union Budget of India Presented?
• How Union Budget is Prepared?

Union Budget 2024 Live Updates

The following announcements have been made by the honorable Finance Minister Mrs. Nirmala Sitharaman:

Accounting

Here are the updates of the Interim Budget 2024:

Feb 01, 2024 12:14 (IST)

Budget 2024 Live: No changes in Old Tax Regime

No changes are expected in the tax rates for individual taxpayers that opt for the regular tax regime.

Feb 01, 2024 12:09 (IST)

Union Budget 2024 Live: Tax Rate Discussion

There will be no changes in the income tax rates. It also indicates unchanged rates for both direct tax and indirect tax which also includes import duties. 

For income tax slab of ₹ 3-6 lakh and ₹ 6-9 lakh, tax rebate will be provided under Section 87A for income upto ₹ 7 lakh.

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Feb 01, 2024 12:06 (IST)

Union Budget 2024 Live: Withdrawal of Outstanding Tax

Withdrawal of the outstanding direct tax demands upto ₹ 25,000 for the FY 2009-10 and up to ₹ 10,000 for FY 2010-11 to 2014-15. This will benefit a crore taxpayers: Nirmala Sitharaman. 

Feb 01, 2024 11:22 (IST)

Budget 2024 Live: GST

Goods Service Tax (GST) enabled 'one nation one market one tax'. "Tax reforms have led to deepening, widening of tax base" : Nirmala Sitharaman

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Feb 01, 2024 10:50 (IST)

Budget 2024 Live: 80C Deductions in New Tax Regime

Government is planning to incorporate 80C deductions in the New tax regime.

Finance

Here are the updates of the Interim Budget 2024:

Feb 01, 2024 12:01 (IST)

Union Budget 2024 Live: Nirmala Sitharaman's Budget Speech

Tax benefits for the startups, investments made by the sovereign wealth, pension funds will be extended to March 2025

Feb 01, 2024 11:54 (IST)

Budget 2024 Live: FY 24-25 Prediction

• Total expenditure for FY 2024 to be revised to ₹ 44.90 lakh crore
• Total receipts other than borrowing for FY 2024 is  ₹ 27.56 lakh crore
• Tax receipts are ₹ 23.24 lakh crore for FY 2024
• CAPEX increased by 11.1% (₹ 11.18 lakh crore) which is 3.4% of GDP
• Gross market borrowing for FY 2025 to be seen at ₹ 14.13 lakh crore

Feb 01, 2024 11:41 (IST)

Budget 2024 Live: Interest Free Loan to States

• Central government to provide ₹ 75,000 crore at 50-year interest free loan to states: FM
• ₹ 1 lakh 30 thousand crore corpus will be established with a 50-year interest free loan as long term financing with no or less interest rates. 80% of the fund will be utilized by the states for their requirement and 20% will be utilized for the welfare schemes including one nation one ration card scheme. 

Feb 01, 2024 11:41 (IST)

Budget 2024 Live: Interest Free Loan 

₹1 lakh crore will be established with a 50-year interest-free loan for long-term financing with long term with no/fewer interest rates.

Feb 01, 2024 11:30 (IST)

Budget 2024 Live: Fiscal Deficit Target 

• FY24 fiscal deficit revises down to 5.8% of GDP
• FY25 fiscal deficit targeted to be brought downat 5.1% of GDP
• FY26 fiscal deficit target to be brought down at 4.5% of GDP
• FY24 total expenditure will be revised to ₹ 44.90 lakh crore

Feb 01, 2024 11:22 (IST)

Budget 2024 Live: Government Focus

Finance Minister Nirmala Sitharaman said the government is focusing on four major groups - Poor, Women, Youth and Farmers. 

Feb 01, 2024 11:03 (IST)

Union Budget 2024 Live: Nirmala Sitharaman Presents Interim Budget 2024

Finance Minister Nirmala Sitharaman starts presenting Interim Union Budget 2024 

Promises Delivered

• Single window integrated IT portal for investors to help them reclaim the unclaimed shares and dividends without any hassle.
• Under the regulatory ambit of SEBI, Social Stock Exchange will be setup as separate segment of existing stock exchange. 
• National Investment and Infrastructure Fund (NIIF) has successfully raised 17 investors across 7 countries including Canada, UAE, Australia, USE, Singapore, Japan and India. 
• Government has raised deposit limit from ₹15 lakh to ₹30 lakh under the senior citizens savings scheme (SCSS).

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What is Union Budget of India?

The Union Budget of India is a financial statement presented annually by the government. It outlines the nation's revenue and expenditure for the upcoming fiscal year. The budget is a plan for income and spending, reflecting the government's economic policies and priorities. It impacts every sector of the economy and every citizen of the country.

When is Union Budget of India Presented?

Traditionally, the Union Budget of India is presented on the first day of February. This allows the budgetary provisions to be implemented from the start of the new financial year on April 1. The early presentation helps better plan and allocate resources across various government departments and sectors.

How Union Budget is Prepared?

1. Initial Preparation: Months before the presentation, the process begins with the Finance Ministry issuing guidelines to various ministries.
2. Estimating Revenues: The government estimates the revenue it expects to earn from various sources, including taxes and other incomes.
3. Determining Expenditure: Each ministry proposes its expenditure for the next fiscal year, considering ongoing and new projects.
4. Consolidation: The Finance Ministry consolidates these proposals and prepares a budget draft.
5. Approval: The draft budget is then discussed in the cabinet and revised if necessary.
6. Presentation: Finally, the Finance Minister presents the Union Budget in Parliament on the designated day.