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First Budget of Modi Govt 3.0 For 2024-25 FY To Be Presented on Tuesday

  • By Thetripurapost Desk, New Delhi
  • Jul 22, 2024
  • 226

Less than 24 hours are left for the presentation of the Union Budget (Budget 2024). Union Finance Minister Nirmala Sitharaman will present the budget for the financial year 2024-2025 in Parliament on Tuesday (23 July 2024) at 11 am. 

This is the first budget of the Modi 3.0 government. Sitharaman will present the budget for the 7th consecutive time. 

There are many expectations from this budget from the general public to businessmen.

The Finance Minister will leave her residence between 8-9 am

9 am: Photoshoot of Finance Minister and Budget team leaving for Rashtrapati Bhavan, outside Gate No. 2, North Block


10 am: Photoshoot of Finance Minister and Minister of State for Finance entering the Parliament House with the Budget

10:15 am: Budget will be presented in the cabinet

11 am: Budget presentation by Finance Minister

3 pm: Press conference by Finance Minister and Budget team.


Meanwhile, the common man has many big expectations from this budget. The government can make a special announcement regarding tax in the budget. Experts hope that there may be a change in the tax slab in this budget. Along with this, there may be announcements about standard deduction and others.

In the 2018 budget, the BJP government had increased the standard deduction to Rs 40,000 per annum. After this, in the interim budget of 2019, the limit of standard deduction was increased to Rs 50,000 per annum. Since then there has been no change in standard deduction. In such a situation, it is expected that in this budget, the government can increase the standard deduction. It is estimated that the standard deduction can be increased from Rs 50 thousand to Rs 1 lakh annually. 

This standard deduction can be extended for both new and old tax regimes. Standard deduction can be claimed by persons receiving salary or pension, which does not include business owners. However, apart from standard deduction, the government can also announce tax exemptions. It is expected that the government can make changes in the tax slab. 

Every year before the presentation of the Union Budget, the middle class of India eagerly waits for one thing. The middle class often waits for tax exemption and increase in income. Experts say that on examining the income tax data from FY 2022-23 to FY 18-19, it is clear that individuals with income ranging from Rs 5.5 lakh to Rs 15 lakh file the highest income tax returns and bear about 18% of the average taxpayers. This middle class category pays tax at the highest slab rate ranging from 20.8% to 31.2%. Despite this, the deduction on income from salary is limited to the standard Rs 50,000. In such a situation, it is expected that there may be an announcement regarding tax exemption. 

The middle class says that the limit of basic tax exemption should be increased from 3 lakhs to 5 lakhs. So that maximum tax relief can be provided. Changes are expected under the new and old tax system. There is a demand to increase the limit of basic tax exemption in both these tax slabs. Along with this, there is also a demand to increase the limit of tax exemption from 1.5 lakhs to 2 lakhs under section 80C of the Income Tax Department