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Finance Minister Nirmala Sitharaman is poised to present the Union Budget 2024-25 on July 23. Senior citizens, in particular, are looking forward to potential announcements that could impact their financial landscape.
The President of FKCCI submitted the Pre-Budget Memorandum 2024 to Hon’ble Finance Minister Smt. Nirmala Sitharaman
As Finance Minister Nirmala Sitharaman prepares to present the first Budget in the third term of the BJP-led NDA government on July 23, policymakers are pushing for a revision in indirect tax rates to give a fillip to flagging consumption.
India’s pharmaceutical companies are hoping for tax incentives and financial assistance for research on innovative drugs as Prime Minister Narendra Modi’s government readies a federal finance budget likely to be presented in July.
The government is reportedly considering a proposal to increase the tax-deductible limit on interest income from savings accounts to Rs 25,000. With the Budget 2024 date set for July 23, the proposal, put forth by banks during a recent meeting with key finance ministry officials, aims to provide deposit incentives amidst concerns over the widening credit-deposit ratio, claimed an Economic Times report.
The Pre-Budget consultations for Union Budget 2024-25 that started from 19th June 2024 onward in the Ministry of Finance and chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, concluded on 5th July 2024.
Ahead of the Union Budget, the department for promotion of industry and internal trade or DPIIT has mooted the removal of angel tax on startups, but the final view in this matter will be taken by the finance ministry, a source privy to development said on Friday.
A survey conducted by real estate association CREDAI and investment management company Colliers found that the majority of the real estate developers expect tax rationalisation, sops for affordable housing, and single window clearance from Union Budget 2024, slated to be tabled sometime later this month.
The Union Budget for the financial year 2024-25 is scheduled to be presented in the Lok Sabha on July 23. The Parliament’s Budget Session is set to take place from July 22 to August 12.
The tourism department’s proposal to introduce a ‘tourism development and sustainability’ fee has been met with consternation, with stakeholders pointing out that it goes against everything that the industry has been recommending to state govt. Industry players also said that the introduction of a new tax for the sector defeats the very purpose of GST which aimed at subsuming all taxes.