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Budget 2024 Expectations Highlights: Tax slabs, new tax regime, jobs, infra capex in focus

Budget 2024 Expectations Live Updates: The Interim Budget or the Vote on Account for 2024 will be presented by Finance Minister Ni...

The Times of India | Jan 31, 2024, 23:05:10 IST

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23:05 (IST), Jan, 31

Budget 2024: Three things to watch for in the Interim budget

Looking ahead to next fiscal, challenges loom and GDP growth is expected to slow. Global growth and the trade environment will be weaker than last year.Globally and in India, financial conditions will begin to gradually ease in the latter part of this year. However, peak tightening in the first half can impact credit demand. At the same time, tigher liquidity globally can hurt foreign investment flows into India (both portfolio and direct investment).Further, freak weather incidents are on the rise in terms of both frequency and intensity. These unpredictable shocks have the potential to alter the course of policymaking — both fiscal and monetary — if swift actions are required to shield the impact on incomes and purchasing power. Read full story here:

22:30 (IST), Jan, 31

Budget 2024: PLI expected to generate industrial capex of Rs 3-3.5 lakh crore

Budget 2024 expectations: The Production Linked Incentive (PLI) scheme will drive industrial capital expenditure (capex) of Rs 3-3.5 lakh crore over its duration. It will constitute 8-10% of total capex in key industrial sectors over the next 3-4 years. The scheme will also offer incentives amounting to Rs 1.8-1.9 lakh crore and generate incremental revenue of about Rs 30 lakh crore over its lifespan.Introduced in March 2020, the scheme currently targets 14 sectors and focuses on the integration of existing value chains, aiming to reduce dependence on imports and improving competitiveness of exports. Read full article here:

22:03 (IST), Jan, 31

Budget 2024: Education sector eyes higher allocation and a more comprehensive groundwork for NEP

Union Budget 2024 is eagerly anticipated by stakeholders in the education sector, with a focus on diverse expectations. They are looking forward to initiatives that will help in more effective implementation of NEP, greater emphasis on the R&D of design education, higher allocation to boost technology and more. Read on to know what these experts are expecting from the Interim Budget 2024. Read full story here:

21:30 (IST), Jan, 31

Budget 2024: Six major expectations of real estate sector

Budget 2024 expectations: The real estate sector has a long list of expectations from the vote on account ahead of the general elections. Given the government’s strong commitment to infrastructure development and housing in recent years, stakeholders expect a slew of measures, including some that could benefit homebuyers in the vote on account and the Union Budget a few months thereafter. Read full story here:

20:53 (IST), Jan, 31

Budget 2024: Income Tax relief on tax slabs, tax rates? Here’s what experts say in TOI Online Survey

Budget 2024 income tax: FM Nirmala Sitharaman will present Budget 2024 on February 1, 2024 as part of the Parliament’s Budget session. Ahead of the Union Budget 2024, Times of India Online surveyed 10 economists and experts on their major expectations from the budget. Asked whether there is a scope to provide income tax relief for the common man and middle class, the economists and experts were divided. Read full story here:

20:26 (IST), Jan, 31

Budget 2024 Live Updates: Startup industry expecting some major announcements

"India's startup industry isn't just growing, it's putting the entrepreneurs into a promising space to create something big. Ahead of the interim budget 2024, we are eagerly expecting some major announcements, and government support remains the top expectation. The industry expects incentives for R&D initiatives, tech-driven solutions, cybersecurity support, and measures to fuel startups navigating the evolving business landscape. We also hope the budget shines a spotlight on enhancing and simplifying funding opportunities. In addition to this, the integration of digital and tech infrastructure will stimulate innovation, empowering the entrepreneurs to transform the way existing business is done,” says Harshit Jain, Co-Founder and CEO, OnePlay.

20:05 (IST), Jan, 31

Budget 2024 Income Tax: Increase tax deduction for home loan interest to at least Rs 5 lakh

Atul Monga, CEO and Co-founder, BASIC HOME Loan shares top income tax expectations related to housing:As of 2024, the Indian real estate sector has specific expectations from the Interim Budget, particularly concerning home loans and affordable housing. The industry is advocating for a significant increase in the tax deduction for home loan interest under Section 24 of the Income Tax Act. Currently capped at INR 2 lakh, there is a push to raise this limit to at least INR 5 lakh. This adjustment is expected to revitalize the market, especially in the budget homes segment.Furthermore, there is an urge from the government to reevaluate the qualifying criteria for affordable housing. The current price limit of up to INR 45 lakh for affordable housing is seen as unrealistic for major cities. For instance, the metro city's budget can be increased to around INR 70-75 lakh. Adjusting these limits would make more homes accessible to a broader range of buyers, enabling them to benefit from government subsidies and reduced GST rates.Another significant expectation is the release of government-owned land for affordable housing. This move would address the land shortage in this crucial housing segment and potentially lower real estate prices overall. These changes are anticipated to bring a decisive boost to affordable housing, which has been severely affected by the pandemic, especially among its target audience.These expectations highlight the sector's focus on making housing more accessible and affordable, particularly in light of the economic challenges posed by the pandemic and subsequent market shifts.There is also high expectation for the implementation of the interest subvention scheme for urban housing. This scheme introduced in October, pending cabinet approval, aims to provide significant interest subsidies on housing loans, potentially extending the cap to Rs 50 lakh under the Pradhan Mantri Awas Yojana. This scheme aims to provide an annual interest subsidy ranging from 3% to 6.5% on loans up to Rs 9 lakh. This move is expected to boost the demand for home loans significantly, aiding a vast segment of urban homebuyers, particularly those in lower-income groups, and revitalizing the housing market.

19:32 (IST), Jan, 31

Budget 2024 Live Updates: Make India an attractive destination for high-skilled talents

Budget 2024 expectations: “The budget is an instrument of the government to lay down its estimate of annual expenditure and revenue, and it's also part of its fiscal policy. The government has set up an ambitious target of GDP $5 trillion by the year 2025 and the potential to take it to $7 trillion by the year 2030. To achieve this ambitious target, one of the important parameters will be to transform India into a manufacturing hub. There have been efforts from the government to help set up of industries in technology-focused sectors such as semiconductor chips and EV batteries. These technology-focused industries require individuals with high-skilled talents, which is currently adequately not available in India. Hence, the government needs to make India an attractive destination to help these individuals to move to India. The access to advanced technology will be through such individuals, which will also lead to upskilling and reskilling of the local talent in India. To make India an attractive talent destination, the government needs to ease, align, and integrate its immigration, tax, and social security regulations,” says Hitesh Sharma, Partner, Vialto Partners. Watch full video here:

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19:00 (IST), Jan, 31

Budget 2024 Live Updates: SIA demands multifold jump in Space budget

The Satcom Industry Association-India (SIA-India) has made ambitious budgetary demands to boost India’s space programme in its pre-budget memorandum submitted to finance minister Nirmala Sitharaman, demanding that space budget increased substantially from $1.4 billion to $62 billion to match the US’ spending.

“The extra funds would help involve the private sector, support new technologies and establish India as a leader in the space economy. The industry body has also sought adequate allocations for cybersecurity of critical space infrastructure,” SIA said in a statement. Read full story here:

18:29 (IST), Jan, 31

Budget 2024 Live Updates: India’s growth expected to be strong

Ministry of Finance has said in its review of the Indian economy, “By all estimates, India’s growth is expected to remain strong, supported by macroeconomic and financial stability. Presently, the official estimate for growth in FY24 stands at 7.3 per cent and the headline inflation is expected to gradually decline to the target. Resilient service exports and lower oil import costs have resulted in lowering India’s current account deficit to 1 per cent of GDP in the first half of FY24.”

18:00 (IST), Jan, 31

Budget 2024 Live Updates: Will we see more streamlined visa and consular services?

Budget 2024 expectations: In the dynamic landscape of global tourism, countries worldwide are recognising the pivotal role of efficient visa and consular services in fostering international travel. As India continues to position itself as a global tourism hub, the inclusion of more streamlined visa and consular services in the Union Budget planning emerges as a critical need. Read full story here:

17:29 (IST), Jan, 31

Budget 2024 Live Updates: What should the hospitality sector in India expect this year?

The government has been making efforts to enhance the tourism and hospitality sectors. Initiatives such as Swadesh Darshan and Dekho Apna Desh have played an important role in fortifying domestic tourism. A number of international events were hosted in 2023 in India including the prestigious G20 Summit and the Cricket World Cup. Read full story here:

17:01 (IST), Jan, 31

Budget 2024 Live Updates: Number of people filing ITR more than double

Budget session: President Droupadi Murmu in her start of the Parliament session said that the number of people filing Income Tax Return has increased from about 3.25 crore to about 8.25 crore i.e., it has more than doubled. Murmu said that a decade ago there were only a few hundred startups in the country which have grown to more than one lakh. Also, only 94,000 companies were registered in a year and now the number has increased to 1,60,000. "In December 2017, 98 lakh people used to pay GST, today their number is 1 crore 40 lakh," the President said.

She further said around 13 crore vehicles were sold in the 10 years before 2014. "In the last 10 years, countrymen have purchased more than 21 crore vehicles," she said.

16:30 (IST), Jan, 31

Budget 2024 Live Updates: Help build a skilled workforce

"The upcoming Interim Budget 2024 is quite significant for the tech sector of our country. Key expectations for the sector from the budget revolve around addressing the cybersecurity issues, nurturing innovation, and developing talent, along with building a skilled workforce. Apart from this, giving priority to enhancing cybersecurity skills, strengthening critical infrastructure, and fostering awareness is paramount. The budget should also bolster the startup ecosystem, bridge the industry-academia gap, invest in transformative technologies like AI, blockchain, and emphasize digital literacy, reskilling, and STEM education. In order to attract global investments, it is crucial to simplify regulatory processes, boost infrastructure and offer tax incentives to companies. These focal points are of critical importance to unlock India’s potential to create a booming and secure digital ecosystem,” says Krishna Vij, Business Head- TeamLease Digital.

16:18 (IST), Jan, 31

Budget 2024 Live Updates: BSE Sensex, Nifty50 close in green

Stock market today: Ahead of the Union Budget 2024 presentation tomorrow, BSE Sensex closed the day on Wednesday at 71,752.11, up oner 600 points or 0.86%. Nifty50 ended the day above 21,700, up over 200 points or 0.95%.

16:02 (IST), Jan, 31

Budget 2024 Live Updates: ‘India transformed from 'fragile five' to 'top five' economy’

Budget Session: President Droupadi Murmu on Wednesday said in the last decade India has transformed from "fragile five" to a "top five" economy, and 'Made in India' is now a global brand. In her first address to a joint sitting of the two Houses in the new Parliament building, she spoke on various aspects of the economy, and highlighted achievements of the 10 years of the Modi government. In the last 10 years we have seen India transform from 'fragile five' to a 'top five' economy," Murmu said.

Ten years ago, India was the 10th largest economy in the world, with a GDP of USD 1.9 trillion at current market prices. Today, it is the 5th largest with a GDP of USD 3.7 trillion (estimate 2023-24). The President further said now 'Made in India' has become a global brand and the world is enthused about the Make in India policy. "The world is appreciating the objective of 'Atma Nirbhar Bharat'. Today companies from all over the world are excited about the emerging sectors in India," she said.

Highlighting achievements of the last 10 years, Murmu said India's exports have increased from about USD 450 billion to more than USD 775 billion, and FDI flows have doubled.

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15:32 (IST), Jan, 31

Budget 2024 Live Updates: Stocks likely to benefit from India's 2024 Interim Union Budget

Companies building roads, ports and airports are on traders’ watchlist as Prime Minister Narendra Modi’s administration is set to present its last budget before the national elections. Shares linked to rural spending and state-owned firms are likely to be a focus area in Finance Minister Nirmala Sitharaman’s budget speech on Thursday, as policymakers seek ways to boost demand in the vast rural hinterland.

Modi has made infrastructure building a cornerstone of his economic policy, helping India expand faster than any other major economy. The optimism seeped into the nation’s stock markets, which have advanced in all but one year since Modi first came to power in 2014. The enthusiasm has waned a bit this month, with foreign investors taking out more than $2.6 billion from local equities. Read full story here:

15:06 (IST), Jan, 31

Budget 2024 Live Updates: The need for 6% of GDP in the Indian education sector

As the interim Union Budget 2024-25 approaches, expectations in the education sector are heightened, anticipating transformative initiatives. From primary education to higher studies, the sector eagerly awaits measures to address challenges such as skill development, international exposure, and aligning educational standards with global benchmarks. The renewed call to boost the budgetary allocation from the current 2.9% to 6% gains momentum once more. Read full story here:

14:48 (IST), Jan, 31

Budget 2024 Live Updates: What PM Modi has to say about Interim Budget

Prime Minister Narendra Modi addressed the media ahead of the Budget session underlining that this would be an interim budget even as he questioned the conduct of opposition MPs in the last session.Exuding confidence on his third straight victory in Lok Sabha polls, he said that a complete budget will come after the formation of the new government. "Just before election we don't submit a full budget, this we will do after a new government is elected. This interim budget is a guideline for us. I am hopeful that the country will touch new heights of prosperity. Development for everyone is taking place. this journey will continue with your blessings. Ram Ram" the Prime Minister said.The Budget Session of Parliament commenced with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha at 11 am on Wednesday.

14:28 (IST), Jan, 31

Budget 2024 Live: Further incentives could boost PLI schemes

The Production-Linked Incentive (PLI) scheme has emerged as a crucial aspect for Indian manufacturing, attracting investments and bolstering domestic output. As Budget 2024 approaches, industry stakeholders are buzzing with expectations for the program's future. Read full story here:

13:52 (IST), Jan, 31

Budget 2024 Live: Need to expedite the growth of logistics industry

“As the nation strives to accelerate the growth of its logistics industry and fortify essential infrastructure, we at Prozo, acknowledge the commendable efforts by the Government in advancing multimodal projects like road construction, railway enhancement, dedicated freight corridors, and air/water connectivity. There is a pressing need to expedite the growth of the logistics industry and develop the right infrastructure in India. Attention now must shift towards the development of logistics technology. The future of logistics will be shaped by the efficiency, resource optimization, and resilience of our supply chains. Therefore, it is imperative to extend support to the companies engaged in the development of integrated supply chain facilities, including warehouses, green last-mile delivery networks, and innovations like AI-powered Supply Chain Management (SCM) solutions. This strategic focus will not only propel the industry forward but also position India as a global leader in logistics and supply chain excellence. By promoting connectivity through multimodal transport facilities and encouraging last-mile delivery solutions provided by private sector SCM companies, one can not only reduce the cost of logistics, and make the industry globally competitive but also diminish the carbon footprint of the transportation sector in India. We look forward to proactive measures that foster innovation, incentivize digitalization, and strengthen the backbone of our nation's commerce,” says Ashvini Jakhar, Founder & CEO, Prozo.

13:23 (IST), Jan, 31

Budget 2024 Live: Measures on incentivizing private investment in green energy housing infrastructure expected

“Since 2019, the government has strategically prioritized the development of a robust and sustainable infrastructure, with a notable surge in projected infrastructure spending from 1.13 percent of GDP in FY 2019-20 to an ambitious 3.3 percent in FY 2023-24. This financial commitment primarily targets the enhancement of roads, railways, and sustainable infrastructural and energy projects. Anticipating a greener future, the government aims to champion green energy initiatives, foreseeing enduring positive impacts on the economy.In tandem, there is a concerted effort to bolster sustainable housing projects. The upcoming budget is expected to unveil measures incentivizing private investment in green energy housing infrastructure. These initiatives may encompass financial support, subsidies, and schemes geared towards promoting the construction of energy-efficient and environmentally friendly homes. To address the growing demand for affordable housing, an increase in tax deductions for the housing sector is anticipated.Furthermore, It is expected to have a comprehensive reform in capital gains tax , signalling a commitment to optimizing fiscal policies. The government is set to usher in a tech-driven era in agriculture, introducing innovative projects aimed at enhancing efficiency and productivity in this crucial sector, ensuring a technologically advanced and sustainable future,” says Rahul Mehrotra, MD & CEO, RHDFCL.

12:46 (IST), Jan, 31

Budget 2024 Income tax: Should Section 80C deduction be included in the new income tax regime?

“The Government aimed to simplify the tax structure and reduce complexities with the new personal tax regime’s introduction in 2020. It removed 70 exemptions and deductions of different nature out of more than 100 in total and planned to review and rationalise the remaining ones as well. In fact, the last Budget switched the default regime for withholding of employment taxes from the old regime to the new one. The new personal tax regime continues to provide tax benefit by offering concessional tax rates to the taxpayers who opt not to avail any exemption/ deductions. Employing these tax rates may result in advantage under the new regime, even after a deduction of INR 150,000 was claimed under the old one (by comparing flat structure, although individual circumstance may vary). Given this, including deduction of section 80C under the NPTR will undermine the core principles of the new regime,” Chander Talreja, Partner, Vialto Partners tells TOI.

12:18 (IST), Jan, 31

Budget 2024 Live: Auto Inc's budget wish list

As India's interim budget approaches, anticipation is rising within the country's auto industry, eager for measures that will propel continuous growth, accelerate the electric vehicle (EV) transition, and ease the tax burdens. Leaders spanning various sectors in the automotive ecosystem, including equipment manufacturers, luxury automakers, and EV startups, have voiced their expectations, pointing out crucial requests such as import duty cuts, infrastructure development, policy stability, and incentives for electric vehicles. Read full story here:

11:47 (IST), Jan, 31

Budget 2024 Live: 10 terms every student must know before 1st February

The Union Budget is more than just a financial statement; it's a blueprint that shapes the economic landscape. As students navigate the intricacies of fiscal policies and financial jargon, a foundational understanding of these ten terms will empower them to decode the government's financial priorities and assess their impact on the broader economic framework. Let's delve into these essential terms, unravelling the budgetary intricacies that underpin India's economic trajectory. Read full story here:

11:14 (IST), Jan, 31

Budget 2024 Live: Railway Budget likely to see record allocation

According to Sudhansu Mani, retired ICF GM and the architect of Vande Bharat trains, it will not be surprising if the capital expenditure allocation for railways in this year’s Budget is nearly Rs 3 lakh crore. “This reflects the government’s belief in upgrading the railway infrastructure. This is the case even as the Indian Railways is not performing well financially. On its part, Indian Railways needs to improve the execution timelines of the major projects. Rightful investments need to be made in the right areas and ultimately the road ahead is for Indian Railways to start generating its own surplus rather than banking on the government’s capex push every year,” he told TOI.

10:44 (IST), Jan, 31

Budget 2024 Live: PM Modi says Budget will be with “disha-nirdeshak baatein”

At the start of the Budget session, PM Narendra Modi says that this time, Finance Minister of the country, Nirmala Sitharaman will present the budget with 'disha-nirdeshak baatein'. “I am of the firm belief that the country is going ahead by crossing new heights of progress every day. All-round and inclusive development is taking place. This journey will continue with the blessings of people,” he said.

10:40 (IST), Jan, 31

Budget 2024 Live: India has converted challenges to strengths

Ministry of Finance has said in its review of the Indian economy that India has delivered on converting some key disadvantages into strengths in the last decade. The odds of such success were deemed long. The government has proven them wrong. Over the last nine years, not only has the country grown at a macro level, but efforts have also been taken to ensure that each and every Indian becomes both the beneficiary and a driver of India’s economic success.

09:22 (IST), Jan, 31

Budget 2024 Live: BSE Sensex, Nifty50 open in red

Stock market today: BSE Sensex and Nifty50, the Indian benchmark equity indices, opened in red a day ahead of the Interim Budget 2024. At 9:20 AM, BSE Sensex was trading at 70,945.66, down over 190 points or 0.27%. Nifty50 was at 21,478.65, down over 40 points or 0.20%.

09:12 (IST), Jan, 31

Budget 2024 Live: Challenges Confronting the Indian Economy

Below are the 4 challenges for the Indian economy, as highlighted by the Ministry of Finance in its review of the Indian economyFirstly, the reform-led growth that was witnessed by the Indian economy over the course of the last nine years is not without its accompanying share of challenges. In this section, we mention some of them briefly. 1.27 First, in an increasingly integrated global economy, India’s growth outlook is not only a function of its domestic performance but also a reflection of the spillover effects of global developments. Increased geoeconomic fragmentation and the slowdown of hyper-globalisation are likely to result in further friend shoring and onshoring, which are already having repercussions on global trade and, subsequently, on global growth. Second, the trade-off between energy security and economic growth versus energy transition is a multifaceted issue having various dimensions: geopolitical, technological, fiscal, economic and social, and the policy actions being pursued by individual countries impacting other economies. Third, the advent of Artificial Intelligence (AI) poses a big challenge to governments around the world due to the questions it poses to employment particularly in services sectors. This was recently highlighted in an IMF paper estimating that 40 per cent of global employment is exposed to AI, with the benefits of complementarity operating beside the risks of displacement.21 Further, the paper suggests that developing economies must invest in infrastructure and a digitally skilled labour force to fully harness AI’s potential. Fourth, domestically, ensuring the availability of a talented and appropriately skilled workforce to the industry, age-appropriate learning outcomes in schools at all levels and a healthy and fit population are important policy priorities in the coming years. A healthy, educated and skilled population augments the economically productive workforce

08:33 (IST), Jan, 31

Budget 2024 Live: Capital gains taxation requires an overhaul

“Capital gains require an overhaul. Currently, capital gains are taxed as long term or short term based on their holding period, and the tax rates on these capital gains vary, creating complexity. Rationalizing and standardizing the capital gains regime with regards to certain aspects e.g., streamlining of holding period i.e. long term or short term, uniformity in long term/ short term tax rates across various asset classes, a change in base year for indexation for long-term capital gains etc. would be favourable to the investor community at large. Aligning these changes with the visions of the government for encouraging taxpayer-friendly initiatives such as common income-tax return forms, annual information statements etc. could enhance overall compliance,” says Puneet Mishra, Partner, M&A Tax & Regulatory Services, BDO India.

08:06 (IST), Jan, 31

Budget 2024 Live: India’s digitalisation reforms a model for others to follow

According to the Ministry of Finance, India’s digitalisation reforms and the resulting efficiency gains in terms of greater formalisation, higher financial inclusion, and more economic opportunities stand as a model for other economies to follow. “Digital infrastructure has enabled the creation of digital identities, improved access to finance, access to markets, reduced transaction costs, and improved tax collection and has provided the foundation for sustained and accelerated economic growth this decade,” the Ministry of Finance has said in its review of the Indian economy.

07:12 (IST), Jan, 31

Budget 2024 Income Tax: Top expectations from Interim Budget

Preeti Sharma, Partner, Tax & Regulatory Services, BDO India says that Budget 2024 should look at the following income tax changes:Most Indian taxpayers have the habit of initially investing their savings in investment avenues that provide tax deductions under Section 80C (i.e. INR 1,50,000). Additionally, the salaried class claims exemptions such as HRA, LTA and housing loan deductions. For an individual earning a salary income of INR 10 Lakhs, the old regime is more favourable in case exemptions / deductions exceed Rs 2,50,000. This situation applies to most taxpayers leading to acceptance of the New Tax Regime (NTR).The New Tax Regime provides favourable results for taxpayers up to an income level of Rs 7,50,000. To increase acceptance for NTR, the government should allow deductions under this regime, for say employee’s contribution to PF (under Section 80C) and employee’s contribution to NPS (under Section 80CCD). This would also promote the habit of building a retirement corpus for individuals. The presence of two regimes has also created complexity for the taxpayers. A clear transition plan to eventually move to one system of taxation is also warranted.

06:01 (IST), Jan, 31

Budget 2024 Live: Taxation ecosystem in the country has undergone substantial changes since 2014

“To enhance the ease of living and ease of doing business, the taxation ecosystem in the country has undergone substantial changes in the post-2014 period. Tax policy reforms such as adopting a unified Goods and Services Tax (GST), reducing corporate and income tax rates, exemption of sovereign wealth funds and pension funds from taxes, and removing the Dividend Distribution tax have reduced the tax burden on individuals and businesses and removed the distortionary incentives from the economy,” the Ministry of Finance has said in its review of the Indian economy released on Monday.

05:06 (IST), Jan, 31

Budget 2024 News: Introduce distinct tax deduction limit for life insurance

“The life insurance industry has been requesting for a distinct tax deduction limit, specifically for life insurance, with a special emphasis on the term insurance category, apart from the existing 80C provisions. This would serve as an incentive for individuals to invest in life insurance policies and promote a sense of long-term security. There could be an opportunity to also re-look at the taxation framework surrounding Pension and Annuity Products. An extension of the current Rs 50,000 tax exemption, applicable to the National Pension Scheme under Section 80CCD(1B), to encompass pension and annuity plans offered by insurance companies, could make retirement planning more attractive and accessible, encouraging individuals to opt for insurance-based pension and annuity products. These changes would also create a more level playing field, fostering healthy competition within the industry,” says Pankaj Gupta, MD & CEO, Pramerica Life Insurance.

04:00 (IST), Jan, 31

Budget 2024 Live: Focus on infrastructure to develop ports, airports, railways, and highways likely

“The interim Union Budget will be presented ahead of the general elections and the full budget will be presented later. Since Political continuation is expected at a broader level we expect the government to continue its focus on infrastructure to develop ports, airports, railways, and highways, all of which play a pivotal role in advancing the nation's economic development. Additionally, investments in renewable energy and initiatives aimed at promoting financial inclusion, supporting growth and development,” says Anil Rego, CEO and Fund Manager at Right Horizons, PMS.

03:06 (IST), Jan, 31

Budget 2024 Live: Tax relief to salaried & middle-class tax payer cannot be ruled out

An interim budget may not have too many tax changes. However, certain tax relief to salaried and middle-class tax payer cannot be ruled out. India has been in the limelight since last few years due to its continued economic growth, G20, increased FDL gift city development, etc. Considering all the above I expect that the interim budget may have some surprises for common taxpayer. Capital market is at all-time high and the momentum of retail investors is on a roll. The interim budget may either increase the limit of Rs.100,000 for long term capital gains which is exempt from tax or announce any other similar benefits to boost spending. Budget time does result in huge expectations, most of the time the expectations are hopes and dreams which remain unfulfilled. The gap will remain due to constrains that government may have but no one can stop us from asking for more!,” says Milan Mody, Joint Managing Partner, N.A. Shah Associates.

02:11 (IST), Jan, 31

Budget 2024 News: Budget expectations report from YES Securities

The Interim Union Budget is unlikely to see any big-bang announcements. However, policy intent is likely to be made clear through the selective allocation of resources and thrust towards rural development, employment generation and capacity building through infrastructure development.The critical intent of this Budget will be to signal a consolidation towards achieving the promised 4.5% GFD/GDP by FY26. Thus, the government will have to do a tightrope walk in allocating resources for capital expenditure, the incremental pace of which can reduce. Support to economy through capex push to continue, though growth in capex expenditure will be more sober at 12-13%; direct consumption boosting measures unlikely.With help from tax collections on the back of higher nominal GDP growth in FY25 compared to FY24, we expect GFD/GDP to print at 5.4% for FY25BE (after 5.8% for FY24E). 10-year yields can stay northwards of 7% in H1FY25 as we think that the RBI will have to conduct OMO sales to prevent its balance sheet size from increasing sharply. Dips below 7% will be conditioned by rate cuts by the RBI.FY25BE gross and net borrowings seen respectively at Rs 15 tn and Rs 11.7 tn; comfort to come from JPM Bond Index inclusion related flows.

01:02 (IST), Jan, 31

Budget 2024 Live: Affordable housing sector likely to be in focus

“We are optimistic to see a potential positive change in the budget, especially in the affordable housing sector, in this election year. The government stands with an opportunity to revisit and update the limit, which is set as 45 lakhs currently, for affordable housing. With the hike in property prices over recent years, a thoughtful adjustment of this limit, perhaps to 60-65 lakhs, would create avenues for the expansion and availability of affordable homes. With this adjustment, there could be a significant contribution to making housing more accessible and catering to the needs of a broader segment of the population. While we may not anticipate major budgetary changes in other areas, there is a hopeful prospect for positive developments in the realm of affordable housing,” says Nagaraju Routhu, CEO of Experion Developers.

00:01 (IST), Jan, 31

Budget 2024 Live: No Taxation for Annuity Plans to Benefit Both Retirees and the Industry?

Many Indians don't save enough for retirement, and the gap between needed and available retirement funds is expected to reach $85 trillion by 2050. To help close this gap, consider these steps, says Satishwar B, MD & CEO, Aegon Life Insurance. Investing in pension and annuity products is crucial for income after retirement. Making taxes simpler or removing them for these products will encourage more people to invest in these important financial protections.Pension policies, like the NPS, provide a steady income in retirement. It's important to lessen the tax load for people receiving pensions from the National Pension System (NPS), as the retirement fund gap is expected to increase a lot. The current ₹50,000 tax exemption for NPS under Section 80CCD(1B) should also apply to pension and annuity plans to encourage more people to use them.

23:00 (IST), Jan, 30

Budget 2024 Income Tax: Sslabs in old versus new tax regime - explained

Budget 2024 income tax slabs: Finance Minister Nirmala Sitharaman will present Interim Budget 2024 on February 1, 2024 and like every year salaried taxpayers are hopeful of income tax relief. Will the income tax slabs for FY 2024-25 be changed? Will changes be introduced in the new income tax and old tax regimes? Last year’s Budget announced several changes to the income tax slabs under the new tax regime. Even as we wait for Union Budget 2024 income tax announcements, here is a look at how the income tax slabs under the old and the new tax regime compare:

22:22 (IST), Jan, 30

Budget 2024 Income Tax Live: Standardize capital gains taxation regime

Budget 2024 income tax expectations: “One major idea would be the standardization of the capital gains taxation regime. As of now, capital gains taxation in India is comparatively complex. While few changes have been made over the years with the intent to rationalize this taxation, it is still quite complicated. There are various holding periods based on asset type, for instance, debt funds and equity funds. This complexity often confuses laymen. Additionally, when individuals have to pay taxes in more than one country on this income and claim a foreign tax credit overseas for Indian taxes or vice versa, it adds to the confusion,” says Surabhi Marwah, Tax Partner, EY India. Watch full video here:

21:31 (IST), Jan, 30

Budget 2024 Live: Will the Modi government present a populist Interim Budget?

Before the general election, Prime Minister Narendra Modi is likely to change the usual pattern of big spending on new welfare programs. Instead, the emphasis will be on infrastructure spending to maintain economic growth and reduce the fiscal deficit. Finance Minister Nirmala Sitharaman is set to unveil Budget 2024 on February 1. Economists predict a budget that leans towards political messaging, emphasising the Modi government's commitment to inclusive growth while adopting a cautious approach to spending. Read full story here:

20:46 (IST), Jan, 30

Budget 2024 Live: Top 5 Railway Budget focus points for FM Sitharaman

Railway Budget 2024: Indian Railways’ Budget for 2024-25 will be presented by FM Nirmala Sitharaman as part of the Union Budget 2024 speech on February 1, 2024. All eyes are on Railway Budget 2024 to shed light on the way ahead for the national transporter - from record capital expenditure outlay to new trains like Vande Bharat sleeper, Amrit Bharat Express, more Vande Bharat Express trains and focus on safety with the rollout of Kavach anti-collision train system. We take a look at the top expectations from Railway Budget 2024:

19:39 (IST), Jan, 30

Budget 2024 Live: Digital technology sector has experienced remarkable achievements

Budget 2024 expectations: “Over the last 5 years, the digital technology sector has experienced both remarkable achievements and notable challenges. A significant hit has been essentially you know through rapid adoption and advancement of digital technologies in various sectors. For instance, if you look at the integration of AI and machine learning across industries has advanced operational efficiencies and customer experiences. In agriculture sector, we have seen the development of digital public infrastructure such as technology platforms for farmland records and crop information has actually transformed the traditional practices,” says Akshay Garkel, Partner, Cyber, Grant Thornton Bharat. Watch full video here:

19:06 (IST), Jan, 30

Budget 2024 Live: Make annuity income from NPS tax-free - here’s why

Budget 2024 income tax: With the Interim Budget set to be presented on February 1, tax experts are suggesting alterations to the National Pension System taxation works. One such expert wants Finance Minister Nirmala Sitharaman to explore the possibility of making annuity income from the National Pension System (NPS) tax-free. Sumit Shukla, the CEO of Axis Pension Fund, contends that according tax-free status to annuity income from the NPS aligns with principles of fairness, financial security, and social welfare. Read full story here:

18:31 (IST), Jan, 30

Budget 2024: Fiscal deficit target of 5.9% likely to be met

In its January 2024 Economy Watch edition, EY has said, “We expect the fiscal deficit target of 5.9% of GDP for FY24 to be met. This can be further reduced in incremental steps of 5.2%, 4.5% and 4.0% by FY27. In FY24, the absolute amount of the budgeted fiscal deficit is INR17.87 lakh crore. Assuming a nominal GDP growth of 10.5%, the fiscal deficit would need to be reduced to INR 17 lakh crore to reach a level of 5.2% of GDP in FY25. This would call for a reduction in expenditure growth. Maintaining a high growth in government capital expenditure is critical to support overall growth as long as the external sector constitutes a major constraint. Thus, a careful calibration of capital expenditure growth is called for in the next few years to enable a suitable fiscal consolidation path. Eventually, a fiscal deficit of 3% of GDP would have to be reached as per the FRBM target.”

18:07 (IST), Jan, 30

Budget 2024 News: Income Tax Relief likely?

Budget 2024 income tax expectations: In the Interim Budget for 2019 the standard deduction was hiked from Rs 40,000 to Rs 50,000. All eyes are now on the Finance Minister Nirmala Sitharaman to provide some relief to the common man and the middle class income taxpayers. FM Sitharaman had announced major changes in the income tax slabs for 2023-24 under the new income tax regime. If any changes are made on the income tax front in the Union Budget 2024, then they are likely to come in the new income tax regime, which is now the default tax regime.

17:34 (IST), Jan, 30

Budget 2024 Live: Propel innovation in FinTech and gold-tech landscape

“We anticipate the Interim Budget 2024 to align with the government's mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the General Sabha election approaches, focusing on the socio-economic empowerment of the marginalized. Acknowledging the FinTech and tech-based gold loan industry's pivotal role in reshaping financial services, we hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system. Incentivizing FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride. Addressing loan disbursement including loans against gold/jewellery, we recommend regulations fostering collaboration between traditional banks and digital lenders for accessible loans,” says Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans, the largest gold loan aggregator platform. With the budget on the horizon, SahiBandhu Gold Loans anticipates a budget that propels innovation and inclusion in the rapidly evolving FinTech and gold-tech landscape.

17:16 (IST), Jan, 30

Budget 2024: Budget crucial for the ONDC ecosystem of small startups, MSMEs

ONDC has said that this year's budget will be crucial for the ONDC ecosystem of small startups, MSMEs, and large businesses across the country. As India pursues ambitious targets of inclusive digitisation and high growth, we expect further steps to ease doing business, especially for small enterprises looking to digitise.

We commend the Government's progress in bringing regulatory certainty with respect to GST and TDS compliance for ONDC Network Participants. Such moves are critical for small businesses and startups that are on the Open Network. We look forward to such continued efforts and initiatives to bring greater regulatory certainty in other domains too.

Additionally, the ongoing modernisation and digitisation of logistics infrastructure through initiatives like PM GatiShakti and the National Logistics Policy is praiseworthy. Robust logistics will enable especially MSMEs and startups to fully leverage opportunities created by India’s Digital Public Infrastructure like ONDC Network.

In the budget, we hope for more simplified operations and compliance in sectors like financial services, facilitating consumers and businesses to derive the maximum possible benefits from an open network like ONDC Network. We are confident that the Government will continue to improve regulatory compliance requirements for emerging business models that depend on DPIs. Finally, we laud the varied incentives to digitise small businesses and consumers equally. We look forward to further schemes to accelerate digitisation across the nation including smaller cities, towns and villages.

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849 days ago

Please make till 20lacs no income tax for all ....Read More

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Budget 2024 Expectations Highlights: Tax slabs, new tax regime, jobs, infra capex in focus

Stock market today: Ahead of the Union Budget 2024 presentation tomorrow, BSE Sensex closed the day on Wednesday at 71,752.11, up oner 600 points or 0.86%. Nifty50 ended the day above 21,700, up over 200 points or 0.95%.

The Production-Linked Incentive (PLI) scheme has emerged as a crucial aspect for Indian manufacturing, attracting investments and bolstering domestic output. As Budget 2024 approaches, industry stakeholders are buzzing with expectations for the program's future. Read full story here:

Stock market today: BSE Sensex and Nifty50, the Indian benchmark equity indices, opened in red a day ahead of the Interim Budget 2024. At 9:20 AM, BSE Sensex was trading at 70,945.66, down over 190 points or 0.27%. Nifty50 was at 21,478.65, down over 40 points or 0.20%.

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