Business Today Desk | Updated Feb 01, 2024, 5:57 AM IST
Budget 2024 Expectations: Piyush Goyal in the Interim Budget 2019 announced that individual taxpayers having taxable annual income up to Rs 5 lakhs will not be required to pay any income tax. He said that persons having gross income up to Rs 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc.Additional deductions, such as interest on home loan up to Rs 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance and medical expenditure on senior citizens etc, were also provided for in the Interim Budget 2019-20.
In 2019, tax benefit of Rs 18,500 crore was proposed to be provided to an estimated 3 crore middle class
Budget 2024 Expectations: Budget 2023 pushed to make the new income tax regime the default option. Basic exemption limit was hiked up to Rs 3 lakh from Rs 2.5 lakh under the new income tax regime. Income tax slabs in new tax regime were tweaked as well. A rebate under section 87A was increased under new tax regime from current income level of Rs 5 lakh to Rs 7 lakh. So those opting for new income tax regime having income up to Rs 7 lakh will not pay any taxes.
Budget 2023 also tweaked the tax slabs under the new income tax regime. There is no tax for income of up to Rs 3 lakh. Income above Rs 3 lakh and up to Rs 5 lakh, will be taxed at 5 per cent. For income of above Rs 6 lakh and up to Rs 9 lakh, tax applicable is 10 per cent rate. For over Rs 12 lakh and up to Rs 15 lakh, income is taxed at a 20 per cent rate. For those who have a taxable income of above Rs 15 lakh, a 30 per cent income tax rate is applicable.
31 Jan 2024, 4:09:19 PM IST
Budget 2024 Live Updates: AITF wants Income Tax exemption limit of Rs 10 lakh
In addition to this petrol, diesel and electricity should be brought under GST. Further the income Tax exemption limit should Further, said Badish Jindal, National Convenor of All Industries and Trade Federation.
31 Jan 2024, 2:53:21 PM IST
Interim Budget 2024 updates: Mahindra Logistics's wishlist
Mahindra Logistics has pitched for prioritising capital expenditure in prominent infrastructure projects and more financial incentives for the sector. The company is expecting more tax incentives, charging infrastructure subsidies, and financial support for R&D for the EV industry.
31 Jan 2024, 2:47:17 PM IST
Budget 2024 expectations live updates: What green sector is expecting
Renewable and new energy sectors are hopeful the FM will ease access to financing for green energy initiatives in her interim Budget. India aims to achieve 50 percent cumulative installed power generation capacity from non-fossil fuel sources by 2030. For this, the country needs to add about 50 GW of renewable energy capacity for the next five years, starting 2024. So far, India has been able to add only about 15 GW each year.
31 Jan 2024, 1:57:33 PM IST
Budget 2024, what to expect: Budget effect on markets
Markets erased morning losses and were up nearly a percent. At 11:58 am, the Sensex was up 661.80 points, or 0.93 percent, at 71,801, and the Nifty was up 198.90 points, or 0.92 percent, at 21,721. About 2,136 shares advanced, 1,050 declined, and 68 shares unchanged.
31 Jan 2024, 1:43:44 PM IST
Budget 2024, what to expect: Defence stocks that may see Budget impact
Stocks in focus include BEL, BHEL, HAL, Mishra Dhatu Nigam, Mazagon Dock and Cochin Shipyard.
31 Jan 2024, 1:28:47 PM IST
Budget 2024, what to expect: Stocks in focus
Rural-themed stocks in focus include Maruti Suzuki, Minda Corp, Hero MotoCorp, M&M, Escorts Kubota Ltd, Hindustan Unilever, ITC and Dabur India.
31 Jan 2024, 1:10:27 PM IST
Budget 2024, what to expect: Jeffries' on Budget
In its interim Budget preview, Jefferies anticipated a mere 7-8 per cent growth in the government capex budget for FY25 and suggested that such a move could disappoint the stock market, adding that shares exposed to the government capex program could see some correction
31 Jan 2024, 12:43:08 PM IST
Budget 2024 expectations live: Home-buyers' wishlist
It may be a 'vote-on-account' budget, but homebuyers are hoping for
-- Increase in the limit of eligible deduction for interest paid on home loan to at least Rs 3 lakh
-- Remove cap of Rs 2 lakh on rented property
- Ease TDS rules for buying house property
31 Jan 2024, 12:20:33 PM IST
Budget 2024 expectations live: Dear FM, please note
Standard deduction was last revised in 2019. With rising inflation and expenses of salaried individuals, the deduction of Rs 50,000 is a bit low, says CA Ritika Nayyar, Partner, Singhania & Co.
31 Jan 2024, 12:19:09 PM IST
Budget 2024 expectations live: Our Kisans should jam
Economists expect the government to give farmers more financial support after a number of aggressive steps it took last year to curb soaring food prices — like banning exports of rice, wheat and sugar — reduced farmers’ incomes. Poor rainfall also affected crops, hurting prospects in rural areas, where about 65% of India’s 1.4 billion people live.
31 Jan 2024, 12:17:23 PM IST
Budget 2024 expectations live: Less subsidies, more infra
The government has pledged to bring the budget deficit down to 4.5% over time, but it’s also funneling more of its spending to items such as infrastructure and curbing subsidies
31 Jan 2024, 12:16:50 PM IST
Budget 2024 expectations live: India's deficit challenge
After surging to 9.2% of gross domestic product during the pandemic, the government has been steadily bringing down the fiscal deficit to keep debt under control. The 5.9% deficit target for the current fiscal year ending in March will likely be met, and lowered further to 5.3% in the next financial year
31 Jan 2024, 12:12:46 PM IST
Budget 2024 expectations live: Meanwhile, news from China
China officially became the world's top auto exporter in 2023, surpassing Japan's 3.978 million passenger car exports, Japan Automobile Manufacturers Association said on Wednesday.
31 Jan 2024, 12:10:46 PM IST
Budget 2024 expectations live: Capex, capex, capex
Former NITI Aayog vice chairman Rajiv Kumar said the government should be bullish on capital expenditure because private investment is 'still weak' and there is a pressing need to bridge infrastructure gap
31 Jan 2024, 12:02:13 PM IST
Budget 2024 expectations live: Infra stocks to watch out for
L&T, PNC Infratech, Dalmia Bharat, KNR Construction, PNC Infratech, RITES, KEC International, Ahluwalia Contracts, Astral and Tata Power.
31 Jan 2024, 12:01:29 PM IST
Budget 2024 expectations live: What is market betting on
Market watchers expect the major focus will be on key infrastructure segments such as roads, railways, airports, and urban infrastructure.
31 Jan 2024, 11:38:17 AM IST
Budget 2024 expectations live: A tax boost for Modi govt
Personal income and corporate tax collections are likely to rise to more than Rs 19 lakh crore during Prime Minister Narendra Modi's 10-year rule. This rise in income tax collections is due to the increasing income of individuals.
31 Jan 2024, 11:37:18 AM IST
Budget 2024 expectations live: President hopes for a productive debate
President Droupadi Murmu hoped for a productive debate between the government and Opposition members during the two-week-long Budget session that began today. The Budget session, which will see Finance Minister Nirmala Sitharaman presenting the interim Budget on Thursday (February 1), is scheduled to end on February 9.
31 Jan 2024, 10:51:49 AM IST
Budget 2024 expectations live: Budget when the Fed is on the move
The Fed will likely hold interest rates steady at its first meeting of 2024 but avoid signaling an imminent interest-rate cut.
31 Jan 2024, 10:50:09 AM IST
Budget 2024 expectations live: Markets prays for no nasty surprises
Liquidity flows continue to remain strong, and the frenzied rally in PSU stocks is surprising even for the most seasoned market players.
