Budget 2024: Finance Minister Nirmala Sitharaman is going to present the budget on 23 July 2024. Common people have a lot of expectations from this budget. There have been many such budgets in the past which were given special names. One such budget was of the year 1997. This year there was HD Deve Gowda government and in this government Finance Minister P. Chidambaram presented the budget. It was named Dream Budget. Let us know why it was called dream budget.
Why was it called dream budget
This Budget Income tax and corporate tax were cut. Through this, the government tried to provide big relief to the middle class as well as the corporates. This budget was seen as a continuation of the economic reforms initiated by Manmohan Singh under the Narasimha Rao government in 1991.
change in tax slab
When P. Chidambaram reduced the surcharge on corporate tax, he reduced the income and corporate tax. Under the Laffer Curve Theory, Chidambaram reduced tax rates to increase collections. of individuals Income Tax The maximum rate of the slab was 40 percent, which was reduced to 30 percent. Apart from this, the income tax rate for domestic companies was reduced from 40 percent to 35 percent. This Budget encouraged people to file income tax returns and a large increase in the number of return filers was recorded in subsequent years. The government brought Voluntary Disclosure of Income Scheme (VDIS) in this budget. Through this, those with black money were given the freedom to voluntarily disclose their income.
Who presented the first budget: Let us tell you that the first budget of independent India was presented by the first Finance Minister RK Shanmukham Chetty. Let us tell you that former finance ministers like Manmohan Singh, Arun Jaitley, P Chidambaram and Yashwant Sinha had presented five consecutive budgets. As Finance Minister, Desai presented five annual budgets and one interim budget between 1959–1964.
