Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

New Delhi, The Pension Fund Regulatory and Development Authority (PFRDA) Chairman <keyword id="20085060" type="General" weightage="20" keywordseo="deepak-mohanty" source="keywords">Deepak Mohanty</keyword> on Friday said the total corpus under the <keyword id="20085061" type="General" weightage="20" keywordseo="national-pension-system" source="keywords">National Pension System</keyword> and Atal Pension Yojana has crossed Rs 11 lakh crore. The milestone of Rs 11 lakh crore asset under management (AUM) was achieved on January 10, 2024, he told reporters here. The AUM has increased from Rs 10 lakh crore to Rs 11 lakh crore in 4 months 18 days (August 24, 2023 to January 10, 2024), he said, adding the private sector AUM crossed Rs 2 lakh crore. The authority in September revised the AUM target of Rs 12 lakh crore for the current fiscal. The pension authority is working on a minimum assured pension plan, and it could become a reality in the next financial year if the guarantee issued is resolved. "There are a lot of complications in determining the rate of return, what to set as the bar for return. Fund managers are also thinly capitalised. So, you have to keep a check on their liabilities also," <keyword id="19981292" type="General" weightage="20" keywordseo="mohanty" source="keywords">Mohanty</keyword> said. Asked about the Budget wishlist, he said the move to raise the assured return under the Atal pension plan continues to be on the 'wishlist'. However, he declined to comment if the <keyword id="19906106" type="General" weightage="20" keywordseo="interim-budget" source="keywords">Interim Budget</keyword> may take up the issue. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> will present the Interim Budget for 2024-25 on February 1. The pension fund regulatory body was considering raising the current return of Rs 1,000-5,000 to Rs 2,500-7,500. The chairman of the pension authority also said that few states who have issued notification to pull out of the National Pension System continued to contribute to the plan irrespective of the on-paper withdrawal. However, he did not wish to identify the states.

Total corpus under pension funds crosses Rs 11 lakh cr: PFRDA Chairman

Budget FAQs All the key terms you need to  know

A government budget can be defined as the statement of the estimated income and expenditure by the government in a given fiscal year. Budgets in India fall under three types -- namely balanced, surplus and deficit budgets. The classification of a particular budget will depend on whether the estimated spending by the government over the year is equal to or less than or more than the receipts anticipated. Balanced Budget A budget is said to be balanced when the government’s estimated spending is equal to the estimated income. The merits of a balanced budget are that it paves way for financial stability and it also prevents wasteful expenditure. On the other hand, the demerits include that it can hinder the process of economic growth and restrict the scope of welfare activities by the government. Adam Smith strongly recommends a balanced budget since he says the public revenues must never exceed the public expenditure. On the other hand, Keynes and some modern economists are of the opinion that the total expenditure in a balanced budget will fall short of the spending necessary to create and sustain a full employment. The ideal stand is that the government must increase its spending to bridge the gap between the expenditure that is needed to sustain full employment and the actual spending. Unbalanced Budget If the government’s estimated spending will be more or less than the estimated income, we can say the budget is an unbalanced one. An unbalanced budget can be further classified either as a surplus or deficit budget. Surplus Budget In a surplus budget, the government’s income is more than the estimated expenditure. A surplus budget will indicate that the government is drawing more money from the economic system of the nation than what is pumped into it. The result will be a fall in the aggregate demand leading to price reduction. Every condition of inflation happens due to increase in demand and during such times, a surplus budget is the right approach. When there is deflation and recession, surplus budget will never be the right option for a government. In actual practice, governments across the world today are rarely seen presenting a balanced budget or a surplus budget. Deficit Budget A deficit budget indicates that the government’s total estimated spending exceeds the total estimated income. The implication of a deficit budget is that the government’s revenue is less than its expenditure. A deficit budget is the most common kind of budget presented by the most popular democracies in the world today. This is done to meet the growing needs of people. According to Keynes, a deficit budget is the best approach to address the issues of under-employment and unemployment. When a deficit budget is announced, the government tries to bridge the gap between the income and expenditure by borrowing or drawing from its resources. A deficit budget will therefore mean an increase in the government’s liabilities and a decrease in its reserves. A deficit budget is a good tool to fight recession.

Here are the types of government budgets in India

The 2019 budget to be announced on July 5, 2019 will be the first full budget of its second term in the country’s governance. Incidentally this budget will also be the first one to be presented by the new woman Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. Strong expectations are on the rise that this budget will outline what Narendra Modi’s government has on its priorities. In the first place, the union budget that will be presented by the first full-time woman finance minister of India is expected to boost up spending and bring in some relief to the taxpayers. Some of the immediate challenges to be addressed by the NDA Government include a slowdown in the economy, shrinking tax collections, and a weak consumption. The economists are advising to introduce measures that will encourage growth without placing a strain on the spending. Here are a few things we can expect from the union <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">budget 2019</keyword>. Corporate taxes could be lowered for MSME businesses. Measures could be in place to encourage consumption by the middle class through some tax exemptions. During the recent past, Indian has lost its place amidst the fastest growing economies of the world. The GDP of Indian slipped down to the lowest in the last 20 quarters touching 5.8 percent in the March quarter. Hence the budget could announce ways to boost up the economic growth. As per the expectations of a number of analysts, the income tax structure might not be tweaked as it must support the government’s effort to grow the number of tax payers. Some people anticipate that the inheritance tax abolished long back might appear now having severe implications for the super-rich. The government is expecting to generate Rs.90,000 crores from disinvestment which is about 5.88 percent that was received during the last year. Hence the budget 2019 might work with a tough disinvestment target in an economy that has slowed down. Measures could be in place to boost up exports and employment. Small businesses could expect some benefits like subversion of interest rate and lowering of tax rates up to a particular turnover. The government might continue sticking on to a modest increase in the defence budget due to the tight financial position. Hence the long pending modernization program for the military could be delayed for some more time. Talking to the press recently, the BJP party’s spokesperson for economic affairs Gopal Krishna Agarwal said, "The focus of the budget will be to boost domestic consumption, address the rural crisis and support small manufacturers." Analysts are of the opinion that those announcements that are aimed at remedying the crisis in the non-banking financial companies (NBFC) sector will be deemed very important now. During last year, the government took a total control over the Infrastructure Leasing and Financial Services since the sector’s raised concerns that the financial sector could be infected. Through some big ticket announcements featured in the latest interim budget like the Rs. 75,000-crore income guarantee scheme for the small farmers in the country and a complete tax rebate for the persons earning up to Rs. 5 lakh a year, the government had already raised strong expectations from these circles. In the interim Budget announcements in May, the government made a number of big ticket announcements to build public perception. Those measures included a Rs. 75,000-crore income guarantee scheme from small farmers and a full tax rebate to individuals earnings up to Rs. 5 lakh a year.

What to expect from Nirmala Sitharaman's Union budget 2019

There are strong hopes and indications that the upcoming budget could contain some good news for the farmers in the country. Addressing the gathering during a recent conference, the Union Minister for Agriculture and Farmers, Radha Mohan Singh said, “Union <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword> will be dedicated to the farmer. It will be another step forward, in contributing to the realization of the goal of doubling farmers’ income by the year 2022.” Amidst rising anticipations, we list out some possible areas that could receive some boost in a way benefiting the farmers of the country. Development measures Singh has indicated that the government might implement many programs to develop the agricultural sector and augment the economic condition of the farmers. Part of the government’s mission could work on the areas including bringing down the production cost, announcing profitable prices to farmers, preventing the wastage of farmers’ produce, and creating alternative sources of income to the farmers’ community. Agricultural credit target and interest rates Some insider views say that the Modi Government could hike the agricultural credit target to Rs 12 Lakh crore in the <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> 2019. This will mark a 10% increase in the farm credit target over the earlier budget. Singh added, "The government has been increasing the credit target for the farm sector every year. This time too, the target is likely to be increased by around 10% or Rs 1 lakh crore to Rs 12 lakh crore for the 2019-20 fiscal." For those looking forward to achieve a higher farm output, credit is a critical input. Institutional credit can enable farmers depend less on non-institutional sources that might charge usurious rates of interest. The government has also plans to provide 2% subsidy on the interest on short-term farm loans up to Rs 3 lakh resulting in an effective 7% per annum interest rate. The incentive of 3% that will be given to the farmers on prompt repayment of loans within the due date will finally see the interest rates slide to just 4% over the year. Other measures Here are a few other expectations from the interim budget and the potential benefit for farmers <ul><li>There could be another round of loan waivers costing the government over Rs 2 lakh crores. </li><li>There could be measures to bring about some market reforms in the states that can help free up the agricultural markets to benefit the farmers with better earning over their produce. </li><li>In some states of the country, there is a second consecutive failure of monsoons that is threatening the agricultural economy. As El-Nino could loom large over the coming year, crop insurance can provide the farmers a much needed relief. Hence steps to lower the premiums of agricultural insurance could be part of the interim budget 2019. </li><li>There could be some provisions of direct investment support to the farmers. This can help reach out the farmers with an efficient, corrupt free and prompt assistance. </li><li>Across the nation, there is a common consensus that state support is the need of the hour to help farmers survive. There are strong hopes that the interim budget 2019 will pave way for the same. </li></ul>

Budget 2019: What it could bring for India’s farmers

As the <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> approaches, there is widespread hope that the Modi government will change <keyword id="120700" type="PERSON" weightage="20" keywordseo="Income-Tax-slabs">income tax slabs</keyword>. Last year’s budget did not alter the income tax slabs in any way and the exemption limit and the income tax rates continued like before till date. Over the past interim budgets, the central governments awaiting the elections did not announce any major steps. Nevertheless, reports now suggest that the Modi government may break the convention this time in order to woo voters. It’s being widely speculated the government might double the income tax exemption threshold from the present Rs 2.5 lakh to Rs 5 lakh according to an IANS report. It is also possible that Jaitley might restore the tax-free status of the medical expenses and transport allowances, reported the news agency, quoting the government sources. As the PTI reports, raising the income tax exemption limit to ₹ 5 lakh per annum is one of the major demands that the Confederation of Indian Industry (CII). The industry chamber has also pressed to increase the deduction under 80C to Rs 2.50 lakhs which is believed to encourage more investments. Another suggestion made by the CII while expecting the interim budget is to bring down the highest personal income tax rate from 30% to 25% which will give room for exemptions towards medical expenses and transport allowances. If the income tax slabs are altered before releasing the Direct Tax Code report on February 28, the process may become contentious. The new revision anticipated is expected to make the income tax rates more progressive by bringing relief to the people in the 5% and 20% slabs, reported Mint earlier on May 14. As per the current tax slab, the income under Rs 2.5 lakh will be exempt from tax. Income between Rs 2.5 lakhs and 5 lakhs will invite 5% income tax and earnings between Rs 5 lakhs and 10 lakhs will attract 20% taxes while anything beyond 10 lakhs will be taxed at 30%.

Here’s what people expect on income tax from the upcoming Indian budget

2014 <div type="image" title="8e7f053ffac18dffc1a9d5b72515bed9" tempid="412823" msid="67667461" hostid="261"></div>
IANS P. <keyword id="6362104" type="LOCATION" weightage="20" keywordseo="chidambaram">Chidambaram</keyword>, the then finance minister stuck to the goal of budget deficit and did not yield to the urge to increase spending to boost up the economy before elections. There was a slash on the excise levied on capital goods and the automobile industry. Coming out of a rupee rout in 2013, the government had little room for fiscal excess. 2010 <div type="image" title="669d83a8d6661cb0538a923b518f539e" msid="67667423" hostid="261"></div>

IANS <keyword id="6359124" type="PERSON" weightage="20" keywordseo="pranab-mukherjee">Pranab Mukherjee</keyword>, the Finance Minister of the then Congress Government did not make any major announcements. However, there had been already an announcement about a countrywide farm <keyword id="56684" type="PERSON" weightage="20" keywordseo="loan-waiver">loan waiver</keyword> which was believed to give a second term for the Congress-led alliance. 2004 <div type="image" title="Jaswant Singh" msid="67667304" hostid="261"></div>
IANS <keyword id="6364931" type="PERSON" weightage="20" keywordseo="jaswant-singh">Jaswant Singh</keyword>, the Finance Minister of those times who championed the 2005 interim budget expanded the cover on some programs to stretch the benefits to more people. Here were no new tax concessions. However, some tax procedures were simplified and the scope of some existing ones were widened.

Here’s what election year interim budgets delivered in the recent past

While a number of military modernization programs are long pending for want of funds, analysts are of the opinion that India needs to allot more funds for the defence. While the budget 2019 to be announced on July 5 has triggered a lot of expectations from across different sectors, here we discuss why India’s defence needs more budget at this point. The latest defense budget for 2019 announced by the Modi’s government towards the end of its first tenure featured only a moderate 6.87 percent bump of $49.68 billion. Widespread beliefs say this rise is not adequate to support the modernization programs visualized by the government and also the government’s make in India initiatives for the defense requirements. Last time, a total amount of $16.91 billion was allocated for the purchase of new weapons and the other kinds of military hardware. This was a rise when compared to the $14.68 billion allotted during the previous financial year. However, there are also a number of liabilities to be addressed which might chip away the funds. Hence only a significant increase in the defense budget can adequately address the needs of the defense sector in the country. Considering the liabilities in front of the government, Amit Cowshish, ex financial advisor for the Defense Acquisition Ministry says the budget will need to raise the allotment for the defense sector significantly. If this does not happen, the Ministry will have to manage the things as it has been doing in the past. The latest allotment for the defense sector pegged at $9.6 billion is more than five times of what Pakistan is allotting for its defense sector. Pakistan’s defense budget is barely enough only to maintain its basic operations. However, considering the aspirations of the country and the zeal to modernize the military, India will need to allot more for the defense. While announcing the <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> for 2019 just before the elections, Piyush Goyal, the then Union Minister for Finance and Corporate Affairs assured that additional funds would be pooled in in order to make the country defense-prepared and also to maintain its borders. The government already has a number of commitments and liabilities in the defense sector like paying for Rafale fighters, helicopters, S-400 missile systems and warships and helicopters. Hence only a significant increase in allotment for the country’s defense will suffice the growing requirements of the military. The budget that will be announced on July 5, 2019 will be the first one to be announced by Nirmala Sitharaman, the new finance minister who takes charge after being the defense minister during the last tenure of the BJP government. Hence we can expect that she is familiar with the real needs of the defense sector and so she could have given her best in the budget to address the growing needs of the defense sector in the country. We need to wait and see if this assumption comes true by way of the military sector receiving more funds in the full budget 2019.

Why India's defence budget needs more money

<ul><li>The Ministry of Finance marked the beginning of the printing of the <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword> by conducting the Halwa ceremony on Monday at New Delhi. </li><li>The Indian government will unveil the <keyword id="7190005" type="UNKNOWN" weightage="20" keywordseo="interim-budget-2019">Interim Budget 2019</keyword> on February 1. </li><li>After the ceremony over 100 officials of finance ministry in India aren’t allowed to go home till the budget is reveal. </li></ul>Every year, just weeks before the Indian government presents its annual budget, it follows an unusual annual tradition of the ‘halwa’ ceremony, the making of a popular Indian dessert to mark the official kick-off of events. The Halwa Ceremony is hosted by the Finance Ministry usually held at North Block in New Delhi in the weeks leading up to the announcement budget. 
	
	
	<div type="twitter" handle="FinMinIndia" handlename="Ministry of Finance" image="http://pbs.twimg.com/profile_images/829993628365791232/uQ29BFxq_normal.jpg" favoritecount="199" retweetcount="42" status="Halwa Ceremony was held today in North Block, New Delhi to mark the Ceremonial beginning of printing of #Budget2019… https://t.co/jX3jaiKO7q" createdat="1548051387000" id="1087232435446734848"></div>







 Here’s what the ceremony means and how it got its start- 
	<div type="Slideshow" msid="67637704" hostid="261" title="Budget Halwa: An enduring tradition that promises to keep India’s budget ‘safe and guarded’" firstImageMsid="67637941" slideCount="5"></div>

Budget Halwa: An enduring tradition that promises to keep India’s budget ‘safe and guarded’

The Union <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">budget 2019</keyword>, which will be an interim one, has triggered a lot of expectations among the common people. Looking back at the past five budgets by the Finance Minister Arun Jaitley, we find a lot of changes in the salary structures and the annual tax outgo. For instance, the 2014 budget raised the personal income tax exemption limit from ₹2 lakh to ₹ 2.5 lakh. Also there was an increase in the investment limit under Section 80C after a decade by ₹ 50,000. The next two budgets that followed increased the tax outgo of super wealthy individuals. In 2017, income tax rate was halved for the ₹2.5 – ₹5 lakh slab. The last budget brought the standard deduction once more. Tax sops still top the wish list of any common man, and the government is expected to give in this time to woo voters. According to Anirudha Taparia, IIFL Wealth Management’s Executive Director, while the government will stick to prudence, the balance will tilt in favor of populist measures designed to assuage restless voters who are currently sitting on the fence. What the common man could expect from budget 2019 There are strong hopes the individual taxpayer’s income tax exemption limit will be lifted from ₹2.5 lakhs to ₹5 Lakhs. There are strong demands to lift up the maximum deduction limit under Section 80C. Talking on this, Founder and CEO of Cleartax Archit Gupta <a href="https://www.businesstoday.in/budget-2019/news/how-budget-2019-is-likely-to-benefit-individual-taxpayers/story/310441.html">writes</a>, "The government must consider revising this limit, the revision must at least accommodate for inflation. Perhaps raising to ₹2 lakh from the present ₹1.5 lakh would be impactful. Any such hikes will help individual taxpayers to invest in various tax saving avenues available under 80C and save on taxes." Additionally, there is demand from industry chambers that the tax slabs will need some tinkering. As part of its pre-budget recommendations, the CII pressed for bringing down the highest personal income tax slab from the present 30% to 25%. FICCI has wished for a revision in the tax slab for the taxpayers suggesting that the 30% rate will be applied only for those making an income beyond ₹20 lakh per year. Another issue in the past was standard deduction limit. Though the government had announced a standard deduction of ₹40,000, the salaried tax payers could not be happy as the transport allowances and medical treatments were scrapped. Hence some experts want it to be increased to ₹75,000. There could also be some real estate sops in the form increase in the exemption limit for interest and principal on housing loans which would be in addition to the exemption given under 80C for principal repayment. Recently, the New Pension Scheme (NPS), also called as the National Pension Scheme, was tweaked to bring an increase in the center’s contribution to the corpus fund to 14% from the present 10% and tax exemptions on withdrawals up to 60%. Once passed, the Finance Act 2019 will see them taking effect.

You Searched For "what is interim budget" and got 11 results

Union budget 2024-25 : When will it be presented, what to expect and more

Ira Alok Puranik

Total corpus under pension funds crosses Rs 11 lakh cr: PFRDA Chairman

PTI

Budget FAQs All the key terms you need to know

Others

Here are the types of government budgets in India

BI India Bureau

What to expect from Nirmala Sitharaman's Union budget 2019

BI India Bureau

Budget 2019: What it could bring for India’s farmers

BI India Bureau

Here’s what people expect on income tax from the upcoming Indian budget

BI India Bureau

Here’s what election year interim budgets delivered in the recent past

BI India Bureau

Why India's defence budget needs more money

BI India Bureau

Budget Halwa: An enduring tradition that promises to keep India’s budget ‘safe and guarded’

BI India Bureau

India’s interim budget and the expectations from the ‘common man’

BI India Bureau

Popular Keywords

Buying Guides