Budget 2024 likely on July 22 or 23, focus on standard deduction limit, tax relief

Finance Minister Nirmala Sitharaman is expected to present the 2024 Union Budget for the fiscal year 2024-25 on July 22 or 23, 2024, with focus on standard deduction limit, tax relief and HRA exemption.  

With the presentation of the budget, the finance minister will become the first minister to deliver seven consecutive Union Budgets in a row. With this, she will surpass Morarji Desai who had presented six Budgets. 

Meanwhile, amongst the key expectations from the government are doubling of the standard deduction limit and raising basic exemption limit and relief in tax with lower rates, revised slabs, and higher deductions. Besides, it is likely that more non-metro cities will be included for a 50 per cent house rent allowance (HRA) exemption.

According to experts, increasing standard deduction limit from Rs 50,000 to Rs 1 lakh would alleviate the tax burden on salaried taxpayers, potentially stimulating consumption and bolstering overall demand in the economy.

Taxpayers are hoping for some positive tax relief measures this year with reports indicating that the government is considering plans to provide some tax relief, either by rationalising tax slabs or by raising the basic exemption limit.

The Budget is the most extensive account of the Centre's finances which details revenues from all sources as well as expenses.

The full Union Budget will be presented in July after being presented on February 1 in recent years. The Budget will hence will delivered in July due to the Lok Sabha elections which were held in 2024.