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Tata Capital > Blog > What’s Trending > Budget 2024: What You Need to Know and How It Will Impact You

What's Trending

Budget 2024: What You Need to Know and How It Will Impact You

Budget 2024: What You Need to Know and How It Will Impact You

Presenting her sixth union budget, Finance Minister Nirmala Sitharaman, today unveiled the Interim budget ahead of the Lok Sabha Elections.

The Interim budget is presented during an election year when the government cannot present a full annual budget. It allows the centre to seek approval from the lower house to get funds needed for the transition period from April to July.

The session that began yesterday with President Droupadi Murmu's address to the Rajya Sabha and Lok Sabha will end on February 9.

If you're wondering how will budget 2024 affect you, here are some key highlights to look out for.

'Viksit Bharat' by 2047

The Finance Minister highlighted the Viksit Bharat@2047 mission, the government's vision of a developed nation within a centenary of its independence in 2047.

To achieve this vision, the government will adopt innovative economic policies for sustainable growth, better productivity, and greater opportunities to boost investment. Rs. 75,000 crores have also been proposed as a 50-year interest-free loan to support milestone-linked reforms by the state governments.

No changes in taxation

In the interim budget, FM Nirmala Sitharaman proposed no changes in income tax slabs. She also proposed to retain existing rates for both direct and indirect taxes, including import duties.

The FM also highlighted that the number of tax filers has increased 2.4 times and tax receipts for 2024-25 are projected at Rs 26.02 lakh crore. Additionally, the government will withdraw tax demand up to Rs 25,000 up to 2009-10, which could benefit 1 crore taxpayers.

Income tax refund time reduced

During the budget 2024 speech, the FM revealed the average processing time for income tax refunds has significantly reduced from 93 days in 2013-2014 to just 10 days in the past year.

Tax benefits to startups

The Finance Minister proposed to extend tax benefits to startups to March 2025. Investments in sovereign wealth or pension funds will also remain tax-free for another year.

The budget also highlighted that PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore to fuel the entrepreneurial dreams of the nation's youth.

Infrastructure budget for the next year

In her budget speech, the FM proposed to increase the infrastructure budget for the next year by 11.1% to Rs. 11,11,111 crores. This would amount to 3.4% of the country's GDP. Focus on key segments include railways, metros, power, and capital goods among others.

Focus on rooftop solarisation

In a bid to transform households into power-generating units, FM Nirmala Sitharaman announced the government's vision to popularise rooftop solarisation for free electricity. This is expected to give 1 crore households 300 units of free electricity per month.

Households will be able to save Rs. 15,000 to Rs. 18,000 from free solar power and can also sell to power distribution companies.

New housing scheme

The government is also set to launch a housing scheme for the middle class, slum dwellers, as well as those living on rent. To achieve this, 2 crore more houses will be given under the Pradhan Mantri Awas Yojana – Gramin in the next 5 years.

Wrapping up

While there were no changes in the tax slab, the session ended with promising developments in the infrastructure, electricity, business, and housing sectors.

If you're looking to invest in solar panels, launch a startup, or buy a new home through the PMAY, opt for Tata Capital's wide range of loan offerings for comfortable financing. Visit our website to learn more.

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