Interim Budget 2024 Highlights

The Union Interim Budget 2024 was presented by Union Finance Minister Nirmala Sitharaman on 1st February 2024. The Budget session began at 11 A.M.

Latest Updates

• The Finance Minister says that the needs and aspirations of Garib, Mahilayen, Yuva and Annadata are the government’s highest priorities.
• Ayushman Bharat scheme to be extended to all ASHA and Anganwadi workers
• PM Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades
• Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth says FM
• Cabinet approves subsidy to beneficiaries of Antyodaya Anna Yojana
• New schemes for deep tech in defense.
• Three major railway schemes and corridor programs to be implemented.
• Green Energy, E-vehicle ecosystems and bio manufacturing in focus.
• Domestic tourism to be promoted. Long-term interest-free loans to States for tourism centres.

Income Tax Budget 2024 proposals at a glance

• 30 crore Mudra Yojana loans have been given to women entrepreneurs
• Rooftop solar will provide up to 300 units of free power to every home
• A Corpus of 1 lakh crore to be established for providing long term finance or refinance to encourage the private sector to scale up Research and Innovation significantly in the sunrise domains
• A corpus of ₹1 lakh crore for long-term, interest-free loans to boost innovation
• No changes in Income Tax Slabs
• Average processing time of tax returns reduced to 10 days vs 93 days in FY14, making tax refunds faster
• The finance minister says, “certain tax exemptions for startups and IFSC units are expiring on March 31, 2024. To provide continuity in taxation, I propose to extend these till March 31, 2025
• Direct tax demands to be withdrawn – Outstanding direct tax demands upto Rs. 25,000 pertaining to years upto 2009- 10 and Rs. 10,000 for the period from 2010 to 2015.

ANALYSIS BY

MOHIT LOONKAR