Positive and Powerful Highlights of Budget 24
Latest and Top Union Budget 2024-25 News
Today, Finance Minister Nirmala Sitharaman of Modi Government 3.0 will present the first General Budget 2024-25. In February, the Finance Minister presented the interim budget. Union Finance Minister Nirmala Sitharaman will present the budget in the Lok Sabha for the seventh time in a row, creating a golden record.
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This is the 11th budget of the NDA government formed under the leadership of Modi after coming to power for the third consecutive time, which the Finance Minister will present in Parliament today at 11 am.
Every section has great expectations from the budget speech of the Finance Minister. The government has the goal of making the country the third largest economy and the challenge of reducing the burden of inflation from the poor and the middle class.
The middle class community has special expectations from this general budget that what new is the Modi government going to include in their favor in the form of this budget.
From the railway budget to the changes in the income tax slab, everyone’s eyes are fixed on this general budget. Big industrialists and businessmen are also waiting for the general budget for tax exemption.
Budget Speech Live: Latest and Top Union Budget 2024-25 News
The general public can watch the live streaming of the Union Budget 2024 speech on multiple platforms. The budget will be broadcast live on Sansad TV and Doordarshan. Apart from this, you can watch it online on the official YouTube channels of Sansad TV and Doordarshan.
The Ministry of Finance will also provide a live stream on its official website www.finmin.nic.in. You can also watch it live on the Finance Ministry’s Twitter account https://x.com/FinMinIndia.
Where to get the full copy of Budget 2024: Latest and Top Union Budget 2024-25 News
After the presentation of Finance Minister Nirmala Sitharaman, the documents of Union Budget 2024 will be made available online. You can get these documents in both Hindi and English on the official website of the government www.indiabudget.gov.in.
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There may be a change in income tax: Latest and Top Union Budget 2024-25 News
There is a lot of hope of change in income tax in Budget 2024-25. The news is coming from government officials that the government can cut income tax this time. Due to which this head salary coming to the common man’s house can increase.
Currently, the basic exemption limit under the old tax system is Rs 2.5 lakh and under the new system it is Rs 3 lakh. Now it is expected that this time the tax exemption limit in both the tax systems should be increased to Rs 5 lakh.
Expectation of change in standard deduction: Latest and Top Union Budget 2024-25 News
People are expecting an increase in standard deduction in this budget. There has been no change in it for many years. In the last budget also, due to being an interim budget, there was no change in standard deduction. Let us tell you that currently there is a standard deduction of Rs 50 thousand in the new and old tax system.
When the new tax system was started, it was not included in it, but later it was included in it on the demand of the people. People want that it should be increased to Rs 1 lakh.
What is budget: Latest and Top Union Budget 2024-25 News
First of all, let us tell you what is budget – the word budget is derived from the French word Bougette which means a leather bag. It is said that in olden times, people used to keep their income from work and important documents in this bag.
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In simple words, budget is a yearly account, in which the government’s income is estimated and the amount of money that the government gets from taxes, where it will be spent, this is estimated under this budget, that is it is a written format of estimated income and expenditure in the financial year, through which the government is able to discharge its duties in the coming year through proper means.
The format of annual financial statement has been presented in Article 112 of the Constitution. Budget is a kind of money bill. Budget is first presented in the Lok Sabha of the Parliament and after that it is presented in the Rajya Sabha. Important role in budget preparation:
The responsibility of preparing the budget lies with the Department of Economic Affairs, a department of the Finance Ministry. Before 2016, the general budget and the railway budget were presented separately, but now they are presented together. Now the general budget is presented every year on 1 February, but due to elections this year, only an interim budget was presented for the country on 1 February. Now the full budget is being presented today. Experts in economics, finance matters and many other experts play an important role in preparing it.
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