Budget 2024 LIVE: Tax benefits, support to women among expectations

Union Budget 2024 Live Updates: Catch all the latest developments on the Interim Budget 2024 here

Budget 2024: An increase in income tax exemption limits, support to women entrepreneurs, a long-term taxation policy and steps to boost consumption and savings are among the expectations of experts from the interim budget which will be presented by Union Finance Minister Nirmala Sitharaman on February 1 ahead of Lok Sabha elections. They also demand for parity in taxation among companies, partnerships and limited liability partnerships. "This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said. Bharat Chamber of Commerce president N G Khaitan said there is a need for a long-term taxation policy and parity in taxation among companies, partnerships and limited liability partnerships (LLPs) for a level playing field for small and medium firms. MSMEs, which have a huge contribution to the country's GDP and employment generation, are subjected to higher taxation, he said.

Finance Minister Nirmala Sitharaman will present her sixth consecutive Budget speech on February 1 2024. This will also mark the 12th consecutive Budget presented by the ruling Bharatiya Janata Party (BJP) government.  As an election year, this will be the Interim Budget, with the full Budget expected to take place after the 2024 General Elections. Ahead of the 2024 Interim Budget, the finance minister stated that no major announcements were to be expected on Budget Day and that it would mostly be a vote of accounts to ensure government offices run smoothly during the election period.

Earlier this week, the finance minister took part in the 'halwa' ceremony, an annual custom ahead of the Budget announcement. 

Ahead of Republic Day celebrations, on January 25, FM Sitharaman said that the central government would be focusing on policies oriented towards four major groups — the youth, women, farmers, and the poor — identified by Prime Minister Narendra Modi. Experts also expect the Budget to continue on ongoing welfare schemes introduced by the Centre in the last Budget, which strongly focused on these areas, along with infrastructure development and bolstering manufacturing in India.

On Friday, the finance minister announced an equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans.  

8:13 PM

Union Budget 2024: What to expect from the Interim Budget 2024?

Finance Minister Nirmala Sitharaman said there will be no big-bang announcements this time. However, investors and market observers are expecting something. In this episode of Budget Made Easy, we discuss what you can expect this time around. Watch here

 

6:15 PM

Kashmiri Pandits urge Centre to increase relief, job opportunities in Budget session

The displaced Kashmiri Pandits on Friday urged the Centre to increase their monthly relief amount and allocate a new employment package featuring 5,000 jobs in the Kashmir Valley during the upcoming Budget session.

 

A Kashmiri Pandit family, lacking any government employee as its member, currently receives "meagre" Rs 13,000 per month for sustenance without any enhancement during the last one decade. The families with government employees, however, do not receive such relief.

 

"I request the central government to keep a separate amount for the Kashmiri Pandit community in the forthcoming Budget. I will press for implementation of two things and will urge the Finance Ministry and Lieutenant Governor Manoj Sinha ji. There should be enhancement of relief amount to the community as early as possible in this Budget session," Head of Kashmiri Pandit Volunteers (KPV) Vikram Kaul told PTI.

 

Expressing optimism, he hoped that the BJP government, despite a perceived lack of significant initiatives for the community, would address their demands.

6:11 PM

Interim Budget 2024 LIVE: Income tax benefits, support to women entrepreneurs among expectations

An increase in income tax exemption limits, support to women entrepreneurs, a long-term taxation policy and steps to boost consumption and savings are among the expectations of experts from the interim budget which will be presented by Union Finance Minister Nirmala Sitharaman on February 1 ahead of Lok Sabha elections.

 

They also demand for parity in taxation among companies, partnerships and limited liability partnerships.

 

"This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said.

 

Bharat Chamber of Commerce president N G Khaitan said there is a need for a long-term taxation policy and parity in taxation among companies, partnerships and limited liability partnerships (LLPs) for a level playing field for small and medium firms.

 

MSMEs, which have a huge contribution to the country's GDP and employment generation, are subjected to higher taxation, he said.

5:05 PM

Every partner needs to collaborate for India to become third-largest economy by FY28, says FM

Finance Minister Nirmala Sitharaman on Saturday said the initiatives of Customs department like Faceless Assessment and Single Window Clearance need to evolve with the overall objective of growth of trade as every partner needs to collaborate to help India's GDP surpass USD 5 trillion by 2027-28.

 

In a written message on the occasion of 'International Customs Day 2024', Sitharaman said with a common purpose of ease of doing business for nation building during India's 'Amrit Kaal', all the stakeholders need to come together and contribute for benefits to citizen of India.

 

She said this year's theme of International Customs Day which is "Customs Engaging Traditional and New Partners with Purpose" resonates with the Motto of 'Sabka Saath Sabka Vikas' given by Prime Minister Narendra Modi.

4:26 PM

Benefiting about 2,200,000 farmers, Pradhan Mantri Krishi Sinchayee Yojana has enhanced irrigation potential

Benefiting about 2,200,000 farmers, Pradhan Mantri Krishi Sinchayee Yojana PMKSY has enhanced irrigation potential, encouraging farmers to invest more in farming technology and leading increased productivity and farm income.

 

3:51 PM

Interim Budget 2024 expectations: Education experts urge Centre for policy-level support to boost R&D

To realise the goal of providing 25 per cent of the global workforce by 2047, educators and experts argue that there is a need to foster a synergy of various learning dimensions, including research, innovation, skill development, and entrepreneurship, to nurture a workforce equipped for the demands of the future. 

 

Prioritising budgetary allocation and policy-level support is anticipated from the Interim Budget to boost infrastructure, research, and protect intellectual property and experiential learning in this sector, particularly for private higher educational institutions

 

Read full story here.

 

3:36 PM

Interim Budget 2024 LIVE: Guidelines to be revised to support CBG producers and distribution

Crop Residue Management guidelines are being revised in Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, and Delhi. Meanwhile, compressed biogas (CBG) producers may be authorised to produce in sell in bulk to accelerate distribution.

3:28 PM

Interim Budget 2024 LIVE: CNG-CBG blend exempted from excise duty under GOBARdhan scheme

The CNG-CBG blend has been exempted from Central Excise Duty to prevent double taxation, fostering the growth of Compressed Biogas (CBG) production under the Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) scheme, the Ministry of Finance shared in a post on X.
 

3:22 PM

Interim Budget 2024 LIVE: Govt to establish 500 'waste to wealth' plants under GOBARdhan scheme at Rs 10k cr

Under the Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) scheme, the government aims to establish 500 'waste to wealth' plants, promoting a circular economy. This initiative includes setting up 200 compressed biogas (CBG) plants, with 75 in urban areas and 300 community or cluster-based plants, amounting to a total investment of Rs. 10,000 crore.

 

In the near future, a five per cent CBG mandate will be introduced for all organisations involved in marketing natural and biogas. To support the collection of biomass and distribution of bio-manure, appropriate fiscal assistance will be provided. The GOBARdhan scheme signifies a substantial step towards sustainable waste management and the promotion of clean energy in line with a circular economy model.
 

3:09 PM

Interim Budget 2024 LIVE: 224 community biogas plants constructed under GOBARdhan scheme

The GOBARdhan scheme was launched to convert organic waste to biogas. 

In a post on X, the Ministry of Finance stated that, in line with the 2023 Budget goals, 224 community biogas plants have been constructed under Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) scheme.
 

500 new community biogas plants have been completed, while 218 plants are currently under construction. 

2:52 PM

Interim Budget 2024 LIVE: Rs 1 trillion to be disbursed in loans by land institutions

2:50 PM

Interim Budget 2024 LIVE: Design entrepreneurship, incubators required in education sector

To promote entrepreneurship in design education, experts ask for the establishment of design startup incubators within institutes, following the successful model of the National Design Business Incubator (NDBI) at NID, Ahmedabad. These incubators will offer student entrepreneurs mentorship, co-working spaces, and crucial access to funding, cultivating a vibrant ecosystem from the grassroots.

 

Funds should be allocated towards co-created skill development programmes between design institutes and companies, focusing on high-demand areas such as generative design, AI-powered design, bio-design, and data-driven design.

 

Read full story here.

 

2:28 PM

Interim Budget 2024 expectations LIVE: Making design education a priority

In the upcoming budget, educators call for a focus on design education, especially in boosting R&D with strategic infrastructure investments. Experts ask Centre to allocate funds for co-funded research projects between design institutes and private companies to leverage industry expertise. Direct grants for expanding and equipping design labs would help facilitate innovation with cutting-edge tools, ensuring alignment with contemporary industry needs.

 

Read full story here.

 

1:25 PM

Interim Budget 2024 LIVE: Education sector expects more focus on industry-academia partnership

Experts in the education sector feel there is a pressing need to bolster collaboration between industries and academia. Therefore, prioritising financial support for academic-industry collaboration would be paramount in the upcoming 2024 Budget. 

 

This strategic focus would ensure that academic programmes stay in sync with the evolving demands of the industry, cultivating a workforce equipped with agility, adaptability, and readiness for future challenges.

 

Read full story here.

 

12:59 PM

Interim Budget 2024 LIVE: Agriculture ministry aims to secure $98 million for clean plant programme

The Department of Economic Affairs (DEA) approved the proposal from the Department of Agriculture & Farmers Welfare (DAFW) to seek assistance from the Asian Development Bank (ADB). The collaboration targets the establishment of Clean Plant Centers at seven crop-specific ICAR institutes.

 Loan negotiations, held in October between the Ministry of Agriculture and Farmers Welfare (MOAFW), ADB, and DEA, aim to secure an ADB loan of $98 million for the project, according to a post by the Ministry of Finance on X.