|July| Financial Budget 2024 – Income Tax Changes For Middle Class, New Slabs & Rise In PM-KISAN Cash

Financial Budget 2024: The finance minister Shrimati Nirmala Sitaraman is going to around the New Financial Budget 2024 in the new government of India. There are many changes expected by the finance ministry which may be introduced in the new budget including new text slab for lower-income categories citizens in India, increment in pm Kisan Nidhi annual amount, revision of GST, etc. so if you are also interested to know about the New Financial Budget July 2024 then you can read this article where we will share with you all the important information of upcoming financial budget 2024. 

Generally, February month is scheduled for the release financial budget in India by the finance minister of the central government. Due to Lok Sabha elections 2024, the Central Government announced the interim budget 2024 this year. It was a very small financial budget which only included the essential financial applications such as paying salary of the employees etc. but now NDA has created a new government in India with the leadership of Prime Minister Narendra Modi so the finance minister Nirmala sitaraman will announce the complete budget of 2024 at the end of July 2024. 

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Revision in tax slab in New Financial Budget 2024

Currently, there are two types of tax slabs available in India in old tax regime and new tax regime. So, citizens who are earning more than the tax slab have to pay annual tax to the income tax department before the deadline. But as inflation is continuously increasing and lower income category is facing multiple financial issues, financial experts are expecting from the government to manage and revise tax slab for lower income citizens in the country.

Currently citizens who are earning more than the 5 lakh rupees in a week year are paying the text for 5% to maximum 20% of their saving. But if the new budget includes relaxation for taxpayers belongs to low-income category citizens, then it will help many middle class and lower-class taxpayers in India.

Revision in PM Kisan Amount 2024-25

Central Government-sponsored Pradhan Mantri Kisan Samman Nidhi Yojana is very beneficial for farmers across the country where the government is providing 6000 rupees annually in three installments of four months. But 6000 is not a sufficient amount for farmers as they cannot arrange seasonal seeds, Fertilizer etc.

The government is providing Rs 2000 at the start of the new farming season including rabi, kharif and Zayad. But now many reports are expecting the government to increase this financial help from 6000 to 8000 annually where citizens can get 3000 rupees in each installment instead of Rs 2000 which is not sufficient for good farming.

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6 billion for Financial Budget 2024

The Indian government, led by Prime Minister Narendra Modi, is contemplating significant measures to boost consumption in the upcoming Union Budget, with a potential investment of over Rs 50,000 crore ($6 billion). These measures may include tax cuts aimed at benefiting lower-income individuals to stimulate spending and economic growth.

In preparation for the budget, Finance Minister Nirmala Sitharaman chaired pre-budget consultations with finance ministers from states and Union Territories to incorporate their perspectives and suggestions. Following these consultations, the GST Council, which includes state and UT finance ministers, will convene for its 53rd meeting.

The council is expected to deliberate on several key issues, such as the taxation of fertilizers and the chemical inputs used to produce them, as well as the taxation of online gaming. Additionally, they will discuss the necessity of amending laws to prevent retrospective tax demands and consider a possible tax exemption for reinsurance. These discussions and measures are part of the government’s broader strategy to address economic challenges and promote sustainable growth.

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