Union Budget expectations highlights: Real estate sector seeks tax relief

Budget 2024 highlights: FM Nirmala Sitharaman is all set to present the Union Budget 2024-25 in the Lok Sabha on July 23

After the National Democratic Alliance (NDA) came back to power in the 2024 Lok Sabha polls, Finance minister Nirmala Sitharaman will present the Union Budget 2024 on July 23. This will be Sitharaman's seventh consecutive budget. Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the budget.

Like the previous three full Union Budgets and one Interim, the full Union Budget 2024-25 will also be delivered in paperless form.

All the Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to Budget.

Business Standard had earlier reported that  Union Budget for railways for 2024-25 could see an enhanced focus on increasing passenger capacity and safety on the railway network. Union Minister for Railways Ashwini Vaishnaw recently announced that the national transporter will manufacture 10,000 non-air-conditioned coaches over the next two financial years. 

More tax benefits for health insurance under the new tax regime, relaxation in payment norms for MSMEs and incentives for the agri-tech sector are among the expectations of stakeholders from the first budget of the Modi 3.0 government. Anup Rau, managing director and chief executive officer of Future Generali India Insurance Company, said the deduction limit on health insurance premiums under Section 80D of the Income Tax Act has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country.