Income Tax Budget 2024 Live: All eyes are right now on the Finance Minister Nirmala Sitharaman as she presents the much-awaited Budget speech. Will she tweak income tax slabs? Will the Budget increase the Standard Deduction? Should the stock market expect tightening on F&O trade? FM’s Budget speech will answer all those questions. The finance minister is also expected to present a separate J&K Budget.

Finance Minister Nirmala Sitharaman will present her seventh Budget on July 23. This will be the first Budget after the newly formed NDA coalition government in June 2024. Budget is a statement of the estimated receipts and expenditure of the government for the financial year. The theme for the interim budget presented in July was Viksit Bharat Budget 2024.

This budget is a major component of Modi 3.0 and the government’s mission for a developed India. The Budget presentation will be at 11 AM in the Lok Sabha. It will be broadcast on Doordarshan, Sansad TV and the government’s official YouTube channels.

The Economic Survey 2024 was presented by Finance Minister Nirmala Sitharaman in the Parliament on July 22. The survey is presented a day before the budget. The Economic Survey gave an overview of the Indian economy in the previous financial year with an outlook for future. The survey highlighted the resilience of the Indian economy despite global headwinds. "India’s real GDP grew by 8.2 per cent in FY24, posting growth of over 7 per cent for a third consecutive year, driven by stable consumption demand and steadily improving investment demand," said the survey.

Minister of Parliamentary Affairs, Kiren Rijiju, added on X, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024."

This budget is important for Amrit Kaal, Prime Minister Narendra Modi said ahead of the Parliament budget session.

The opportunity of five years that we have, this budget will decide the direction and lay foundation for fulfilling the dream of Viksit Bharat in 2047, he said.

Budget 2024 expectations

In her recent address President Droupadi Murmu had shared her vision for the budget and the economic aspect of the country. She said, "This budget will be an effective document of the government’s far-reaching policies and futuristic vision". "Along with major economic and social decisions, many historic steps will also be seen in this budget." This indicates to the country that large steps are going to be taken to achieve the government’s plan. Expected reforms in the Budget include changes in taxation and exemptions in personal income tax. Further, the government is expected to continue with capex boost in infrastructure.