India’s Expectation on Income Tax Relief in the Budget 2024

Finance Minister Nirmala Sitharaman is poised to present the Union Budget in only a week, on Tuesday, July 23. India is expecting tax relief measures in the Union Budget 2024 and has also requested the government to raise the exemption threshold from Rs 3 lakh to Rs 5 lakh.

Key Takeaways Budget’s 2024 Expectations

• Nation expects tax relief measures from the union Budget 2024.
• Population urging the government to raise exemption amount from Rs 3 lakh-5 lakh.
• Industry stakeholders expect policy consistency, better allocations, and changes.
   

Industry stakeholders are also looking forward to the Budget announcement with the expectation of seeing policy consistency, improved allocations, and changes. 
 

On Tuesday, July 16, ahead of the budget, the customary Halwa ceremony was performed to commemorate the final stage of the Budget preparation process for Union Budget 2024, at the North Block in New Delhi. 
 

The Halwa ceremony was held in the presence of Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Union Minister of State for Finance Pankaj Chaudhary. The ceremony was also attended by secretaries of the finance ministry, CBDT Chairman, and CBIC Chairman, besides officials of the finance ministry and North Block Budget Press.
 

The Halwa event serves as a 'send-off' for finance ministry officials and workers working on the Union government's yearly financial statement. They begin what is known as a 'lock-in' period, during which they remain in the basement of North Block, isolated from the rest of the world to keep the final budget paper confidential. 
 

Earlier this week, the finance minister held a series of pre-budget consultation sessions with business leaders and economists. Prime Minister Narendra Modi also had a high-level discussion with economists to solicit feedback on expectations for the Union Budget.