Budget 2024: Major Income Tax Reforms and Historic Infrastructure Investments Unveiled by FM Nirmala Sitharaman

Union Budget 2024

Budget 2024: The Union Budget for the financial year 2024 -2025 will be introduced by Finance Minister Nirmala Sitharaman on July 23. It will be presented in the parliament and the session will start on July 22.

Everyone in India is looking forward to the Budget 2024 as several experts have made predictions that the budget is supposed to reduce income taxes for both salaried and individual workers, solve the unemployment problem through Job creation, and aim to make India a $5 trillion economy.

This will mark Nirmala Sitharaman’s seventh budget which will also focus on PLI schemes for the manufacturing sector and exporting sector and also will prioritize agriculture and farmers.

However, many individuals have high expectations for the upcoming Budget 2024, and several experts and specialist have made their predictions before the budget is announced.

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Rohit Nagdewani, Founder at Fresh From Farm said “The agriculture sector expects the government's support in addressing post-harvest losses, as every year, there's a loss of around 16% of fruits due to inadequate storage conditions.”

“Additionally, the current processing level in India is estimated to be around 10%, which is significantly lower than that of developed nations, which is less than 50%.”

“While the Indian government has recognised this potential and launched initiatives like the Pradhan Mantri Kisan Sampada Yojana to boost infrastructure, provide financial assistance, and promote food parks, the focus must shift towards micro-processing clusters to ensure value transfer to farmers. Investments in these areas will significantly benefit our agricultural community and help mitigate losses.”

Sangita Dutta Gupta, Professor of Economics at BML Munjal University predicts that “Salaried taxpayers have not embraced the new tax regime fully. The new tax regime may still be good for income below 15 lakh INR. However, there is no inflation adjustment above Rs. 15 Lakh.”

“Thus, taxpayers in the high-income bracket prefer the old regime over the new one. It would be helpful if a tax rate of 30% were imposed on incomes above 25 lakh INR. It will make the new tax regime attractive and at the same time propel consumption and savings.”

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In a statement, Vikas Bhasin, Chairman of Saya Group added, “As we look forward to Budget 2024, the real estate sector is eagerly anticipating some game-changing reforms to fuel economic growth.”

“We're hoping for tax benefits for homebuyers and investors, like increasing the deduction limit on home loan interest payments and reducing GST on under-construction properties, which would likely spark a surge in housing demand.”

“It's also essential to streamline project approvals to keep the momentum going. We're excited about the potential for policies that not only promote sustainable growth but also tackle industry challenges head-on, opening up more job opportunities across related sectors.”

“Overall, we hope to see policy measures that foster sustainable growth and address key challenges facing the industry in the upcoming budget.”

Furthermore, Suchindra Kumar, Partner of PwC noted that the government should consider giving tax breaks and incentives to businesses that support good school education and more industry will be involved in higher education. These steps will provide a solution to the problems of quality and unemployment.

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