Union Budget 2024-25 Date, Tax Slabs, New Tax Regime, Jobs, Infra Capex In Focus

News: Union Finance Minister Nirmala Sitharaman is poised to present the Union Budget 2024-25 on 1st February in Lok Sabha. This budget is regarded as an interim one due to the upcoming Lok Sabha elections next year. The comprehensive budget for the fiscal year 2025 will be introduced in February 2024, following the establishment of a new government. The budget will offer detailed insights into government expenditure and anticipated receipts for the upcoming fiscal year, encompassing the period from 1st April to 31st March of the following year.

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Key Sectors and Priorities

The Union Budget 2024-25 is anticipated to prioritize seven key sectors, namely sustainable growth, the financial sector, infrastructure and investment, unleashing potential, youth power, reaching the last mile, and inclusive development. Indian citizens eagerly await this budget, expecting it to unveil beneficial schemes, award programs, and developmental priorities. Speculation surrounding tax slabs for the Union Budget 2024-25 is also rampant, with estimates suggesting a 5% tax rate for individuals earning up to Rs. 3.5 lakhs. Tax rates are projected to rise for individuals falling within higher income brackets.

Focus Areas

It’s crucial to highlight that the interim budget will not feature major policy declarations, as those will be postponed to the full budget after the elections. The Union Budget 2024-25 will notably prioritize sectors like social welfare, agriculture, infrastructure, education and healthcare, and defense. The aim of this budget is to tackle critical areas and address the needs of the entire nation.

The impending presentation of the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman on 1st February in Lok Sabha is eagerly awaited by Indian citizens. This interim budget will shed light on government expenditure and projected receipts for the upcoming fiscal year, emphasizing priority sectors and crucial development areas. The full budget for the fiscal year 2025 will be unveiled in February 2024, following the formation of a new government. The Union Budget 2024-25 is the center of attention, with expectations for beneficial schemes and programs that will positively impact the nation.

FAQs

Q: What is the Union Budget?

A: The Union Budget is an annual financial statement presented by the Union Finance Minister, outlining the government’s expenditure and projected receipts for the upcoming fiscal year.

Q: What sectors are prioritized in the Union Budget 2024-25?

A: The key sectors prioritized in the Union Budget 2024-25 include sustainable growth, the financial sector, infrastructure and investment, unleashing potential, youth power, reaching the last mile, and inclusive development.

Q: What sets apart the interim budget from the full budget?

A: The interim budget is introduced before the Lok Sabha elections and lacks major policy declarations. Conversely, the full budget, presented post-elections, encompasses comprehensive policies and plans for the fiscal year.