The first general budget under the new Narendra Modi-led government will be presented on July 23. On this day, Finance Minister Nirmala Sitharaman will present the budget in the Lok Sabha. Parliamentary Affairs Minister Kiren Rijiju has given information in this regard. He said that on the recommendation of the Government of India, the President has approved holding the Budget session from July 22, 2024 to August 12, 2024. The Union Budget 2024-25 will be presented in the Lok Sabha on 23 July 2024. Let us tell you that Narendra Modi has become the Prime Minister for the third time at the Center and during his tenure, the charge of the Finance Ministry has once again been handed over to Nirmala Sitharaman.
Budget for the 7th consecutive time
This will be the sixth time that Nirmala Sitharaman will present the general budget. The country’s first full-time woman Finance Minister, Smt. Sitharaman, has now presented six budgets, including an interim budget, and the July budget will be her 7th consecutive budget. With this, she will break the record of Morarji Desai as the Finance Minister who has presented the budget the most number of times.
Expectation of gift to middle class
The middle class is expecting a big gift in this general budget. While employed people are expecting changes in the income tax slabs, there are also indications of relief related to standard deduction. Apart from this, many big gifts can also be found for women and beneficiary class in the budget. However, the government’s focus is expected to remain on infra and energy.
Recommendation to remove angel tax
Meanwhile, the Department for Promotion of Industry and Internal Trade (DPIIT) has recommended removal of angel tax on startup companies before the Union Budget. But the Finance Ministry will take the final decision on this. The Income Tax Department had notified new angel tax rules in September last year, which also includes a mechanism for valuing shares issued by unlisted startups to investors.
