Budget 2024: As this is an election year, this budget will only be a vote-on-account as a full-fledged budget will be presented after the Lok Sabha elections.
As the PM Modi government is set to announce the Interim budget 2024 on February 1, this marks Finance Minister Nirmala Sitharaman’s sixth budget. As this is an election year, this budget will only be a vote-on-account as a full-fledged budget will be presented after the Lok Sabha elections 2024.
Budget 2024 date and time?
The budget 2024 will be announced on February 1 at 11 am. Earlier, it was announced on the last working day of February, but it was changed during the first term of the PM government by former Finance Minister Arun Jaitley.
Budget 2024: Where to watch?
The live broadcast of Nirmala Sitharaman’s budget speech on February 1 can be seen on DD News. The Press Information Bureau (PIB) will also be broadcasting the Budget online through its official YouTube channel and website.
Budget 2024: What to expect?
Ahead of the budget, Nirmala Sitharaman said that there may not be any big announcements.
These are the 10 key budget terms you must know : –
As Union finance minister Nirmala Sitharaman is set to present the last interim budget before the 2024 general elections on February 1, taxpayers are hopeful for favourable changes. But to understand the budget better, let’s look at key terms that are used in the document
Tax deduction: Think of tax deduction as a discount on your tax bill. For example, a standard deduction of ₹50,000 lowers your total income, which thereby reduces the taxable amount. Investments in PPF, NSC, and tax-saving FDs can fetch deductions under section 80C.
- Rebate : This is a reduction in total income tax that stimulates economic activity by lessening the tax burden for taxpayers.
- Tax surcharge :This applies to taxpayers earning more than ₹50 lakh as a surcharge is an extra tax applied to the existing tax rate. A 10 per cent surcharge on a 30 per cent tax rate will raise the total tax liability to 33 per cent.
- Cess on tax : This is an additional tax put on income tax to fund specific objectives like health and education. This is charged on the total tax liability, including surcharge and is currently at 4 per cent.
- TDS : This is a way of collecting tax at the source of income, such as banks deducting tax when transferring interest income.
- Tax saving instruments : These include PPF, NSC, and NPS which allow taxpayers to claim deductions in their income tax.
- Tax collection at source (TCS) : This is an extra amount collected as tax by a seller from the buyer at the time of sale. It is deposited
- New tax regime : The new tax regime was introduced in 2022 and has seven slabs with concessional rates. In the financial year 2023-24, it became the default regime, replacing the old tax regime.
- Old tax regime : The old tax regime had four slabs with the highest tax rate at 30 percent for incomes above ₹10 lakh
