On 1 February 2024, Finance Minister Nirmala Sitharaman will present the Union Budget to the Lok Sabha. An interim budget rather than a complete one is planned because it’s election year. In addition, just before the budget is presented to Parliament, the Ministry of Finance (MoF) presents the Economic Survey of India, a significant study. This study provides a thorough overview of India’s economy for the previous year and acts as an annual review. So here i have shared updates on Union Budget 2024-25 Date and Key Details for the Upcoming Indian Fiscal Year.
The Union Budget 2024 will be presented as last budget of this government. This budget will be presented before the Lok Sabha elections, hence it will be the interim budget of the country. This time she is going to present her sixth budget and every common man of India will keep an eye on this budget. It is obvious that the general public of India will have high expectations from Interim budget 2024 but before the budget there is economic survey.
Union Budget 2024-25 Date
Finance Minister Nirmala Sitharaman will present the budget estimates of the Indian government in the Lok Sabha on 1 February 2024. These estimates give details of expenditure under various heads such as revenue collected by the government of India, pensions, salaries, establishment expenditure, defense and social expenditure. Services that also include financial help in the form of subsidies to certain sections of the society. It is the biggest financial exercise undertaken by the government of India in any financial year which starts on 1 April every year in India and ends on 31 March of the next year.
Since this process, commonly known as the Union Budget, involves the presentation and passing of the revenues of the government of India, Therefore, the Constitution contains specific rules regarding budget preparation and its presentation. So now we have Interim budget 2024 Date and we can watch it live on TV on 1 February 2024.
Union Budget 2024-25 Details
| Government | Union Government |
| Budget Type | Interim |
| House | Loksabha |
| Budget date | 1 February 2024 |
| Economic survey present | 31 January 2024 |
What is Interim budget?
Interim budget is in the form of a temporary budget, when there less time is left in the current government and general elections are about to be held in few months, then the interim budget is presented. So the task of preparing and presenting a full budget is left to the new government. The full budget includes accounts of expenditure and income for the entire financial year but the interim budget accounts for the expenditure and income only for the remaining period of the current government’s tenure.
Even the expenditure included in the interim budget is required to be approved by Parliament of India. In the interim budget, only the expenses incurred till the presentation of the full budget are included and only those are approved by the Parliament of India. Therefore, if for any reason the present government is not in a position to present a full budget in Parliament before the end of the financial year, it presents an interim budget.
Why to present an interim budget?
Presenting an interim budget is not constitutionally mandatory for any Indian government. The government of India can also manage its administrative work by merely passing a vote on account for the necessary expenses but generally it has been seen that the Union government has been preparing and presenting the interim budget.
Constitutionally, the government of India has the right to change tax rates even in the interim budget. Even if the central government wants, it can present the budget twice a year but in practice governments do not do this. It presents an interim budget and avoids making any major changes or implementing big plans in it. This fact is visible in all the interim budgets presented in the past.
What may we expect from the interim budget 2024?
- The goal of India’s current direct tax policy reforms is to increase transparency and efficiency. Notable modifications have been made in order to encourage investment and make a more business-friendly tax environment in country. These include lowering corporate tax rates, implementing advantageous tax plans, and doing away with the MIT. The Indian tax policy is some what complicated because of legislative changes and court rulings, even with attempts to simplify tax rates and promote investment.
- There are several prospects for a more investor-friendly tax regime in India given the existing tax environment. Taxpayers are hoping for announcements like lower corporate tax rates for new manufacturing ventures, tax holidays to encourage exports, and weighted deductions to support research and development as the government gets ready to unveil the interim Budget for the fiscal year 2024–25 on 1 February 2024. The interim budget for the fiscal year 2024–25 will be presented following the general elections, following the establishment of the new government.
Economic Survey 2024 Union Budget
All eyes are on the General Budget 2024-25 as this is the last budget of this government. The budget will be presented on 1 February 2024 and the Economic Survey will be presented a day before this, i.e. on 31 January2024. This economic survey has its own importance before the interim budget. The purpose of the government in presenting this is to tell the public in which direction the country’s economy is going.
Through this, it is known that in which direction the economy is going in terms of inflation and growth rate. The Economic Survey mainly gives a glimpse of the budget to be presented the next day. The Economic Survey is shared by the Finance Ministry. It presents a one-year report card of the government and it shares what development work was done by the Indian government in a year.
| Homepage | Click Here |