Budget 2024

Budget Session

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Tax Waivers Expected

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Income Tax Exemption

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Focus on Women Farmers

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Election Year Constraints

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Understanding Budget Terms

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Financial Expenditures

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Validity of Budgets

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Budget Approval Process

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Tax Regime Changes

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Budget 2024

What's the difference between Interim Budget and Vote-on-account?

Budget Session

Union Finance Minister Nirmala Sitharaman is to present the Interim Budget 2024 on February 1, with the session commencing January 31

Tax Waivers Expected

Speculation suggests new tax waivers in the Interim Budget, targeting exemptions for the Old Income Tax regime

Income Tax Exemption

Proposed income tax exemption rates may extend up to Rs 7 lakh, as per senior officials

Focus on Women Farmers

Interim budget to include additional measures for supporting women farmers

Election Year Constraints

The 2024 general election restricts Sitharaman to presenting a vote-on-account instead of a full budget

Understanding Budget Terms

Clarifying the differences between an interim budget and a vote-on-account

Financial Expenditures

Interim budget reflects the nation's financial expenditures, including tax and economic estimates

Validity of Budgets

Interim budget can be effective all year, whereas vote-on-account usually spans two to four months

Budget Approval Process

Interim budget requires Lok Sabha approval after discussion, unlike the vote-on-account

Tax Regime Changes

Interim budget can propose tax changes, unlike vote-on-account which cannot alter tax regimes

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