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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

Budget FAQs All the key terms you need to  know

Tax saving is a tricky subject and needs a lot of planning. By learning the intricacies in the taxation laws and studying your own situation in relation to the taxation laws will enable you save on your taxes. Here are some easy ways for the salaried employees to save on income taxes. Understand your salary slip first You must understand your salary slip well to know the ways to save on the gross tax you are liable to pay. The salary slip consists of three segments namely earnings, allowances and deductions. These sections will give enough clues on how to save on your taxes. The basic pay reflects on your earnings. Towards contributions, you might receive conveyance allowance, leave travel allowance, dearness allowance, house rent allowance and others. This section will also include deductions including income tax, professional tax and provident fund. Here are a few useful tips to plan for your taxes efficiently. How to save on taxes Income tax is levied on basic pay. Your House Rent Allowance (HRA) is tax exempted if you live in a rented house and pay the monthly rent. A fixed amount received as conveyance allowance also qualifies for tax exemption. Some employers might deduct income tax at the source. In such cases, the taxes paid already can be claimed by producing the necessary supporting documents at the end of the financial year. Also explore some options for investing in tax saving instruments. Understand Section 80C If you can understand the 80C section of the Income Tax Act thoroughly, you can hope to save on taxes and take home more salary. You are allowed to invest till an upper limit in schemes like National Savings Certificate (NSC), Equity Linked Savings Scheme (ELSS), Public Provident Fund (PPF) Bank Fixed Deposit (FD) and many other products. Do not plan for the taxes during the last minute If you will only study the tax during the last minute, it will give you very less room to save. If this happens, you will be overburdened with a need to make a sizeable investment in one time during the last minute. Small regular investments in Mutual Funds and SIPs over the entire year can help you make significant saving on taxes. Meet your financial goals through investments Investments planned in the right way not only enable you save on taxes, they also help you meet some of your cherished goals in life. It is possible to convert all your tax saving investments into ones that will bring you higher returns. For example, if you wish to buy a car, invest regularly in any ELSS. The lock in period will end in three years and after that you can withdraw this amount. Hence many tax saving instruments can help you meet your financial goals easily and effectively. Other ways to save on taxes It is possible to claim tax benefit on LTA once in every two years. To do this, you must submit the proof of travelling. Section 80D contains provisions for you to avail of tax benefits for the premiums paid towards health insurance policies. Section 80E contains provisions for tax exemptions on interest paid towards education loans.

How salaried employees can save on Income taxes

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> decided to stick to the path of fiscal consolidation path as she pushed for economic growth and inclusive development in the <keyword id="19906106" type="General" weightage="20" keywordseo="interim-budget" source="keywords">interim Budget</keyword> 2024-25 presented in <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> on Thursday. The Finance Minister has reduced the fiscal deficit target to 5.1 per cent of GDP for 2024-25 while increasing the government's capital expenditure on big infrastructure projects to push the economic growth rate. This has been made possible due to the robust increase in tax collections in a fast-growing economy. The allocation for big infrastructure projects to be taken up in 2024-25 has been raised to Rs 11.1 lakh crore which is an 11.1 per cent increase over the previous year. The gross market borrowing of the government has been fixed at Rs 14.13 lakh crore while the net market borrowing is proposed at RS 1.75 lakh crore which is lower than the corresponding figure for 2023-24. "Lower market borrowings by the government will leave more funds for private sector corporates to get loans for investment which will accelerate the country's economic growth further," the Finance Minister said in her Interim Budget speech. The Interim Budget has also created a corpus of Rs 1 lakh crore for a 50-year interest-free loan for the farm sector. The Finance Minister said that she was making any changes in the direct or indirect tax rates in the interim budget. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said that the Indian economy has witnessed a transformational change and fruits have development have started reaching people at a mass scale. "The Modi government's polcy of inclusive development and growth is a deliberate departure from the past governments. Housing water electricity, bank accounts cooking gas have been provided for all. Worries of food have been eliminated with free food for 83 crore people and real incomes have increased," she said. She said the government was committed to social justice with all-round development that would improve the capability of the people and empower them. "Social justice is a necessary model and the government's saturation approach reflects secularism in action that prevents corruption and nepotism. Opportunity for all. Systemic inequality is being addressed for social transformation," she said. Top priority is being given to empower four segments that include the poor, women, youth and farmers for the support of the government, she added. SEE ALSO:<a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms" target="_blank">Interim Budget 2024: FY25 capex hiked 11%; no tax relief, says FM Sitharaman</a><a href="https://www.businessinsider.in/stock-market/news/interim-budget-sensex-nifty-open-in-the-green-as-investors-await-blueprint-of-intent/articleshow/107311960.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/interim-budget-sensex-nifty-open-in-the-green-as-investors-await-blueprint-of-intent/articleshow/107311960.cms" target="_blank">Interim Budget: Sensex, Nifty trade flat as FM’s speech concludes</a><a href="https://www.businessinsider.in/stock-market/markets/news/interim-budget-2024-reactions-by-market-experts-and-economists/articleshow/107318778.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/markets/news/interim-budget-2024-reactions-by-market-experts-and-economists/articleshow/107318778.cms" target="_blank">From research funding to positive fiscal deficit surprise – market watchers, economists praise Interim Budget 2024</a>

Interim Budget hikes outlay on big infra projects to Rs 11.1 lakh crore, cuts fiscal deficit to 5.1% of GDP

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

Earlier today <a href="https://www.businessinsider.in/budget/news/budget-2019-live-updates/liveblog/67784324.cms">(Check Live Updates here)</a>, news reports emerged that India’s Modi government was set to break tradition and present a full budget on February 1, as opposed to an interim vote on account. However, anonymous officials from the finance ministry have reportedly denied this. ANI, a news service, is reporting that the finance ministry will stick to an <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword>. 
 
 
 
 
 
 
 
 
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 Moneycontrol has also reported that anonymous government officials had denied the reports. As per convention, outgoing governments, even if they are seeking reelection, do not present budgets for the full year ahead. The budget in an election year is only a report card, and allocations are made to run the government for the few months in the run up to the election. The government formed after the election then presents a budget for the remaining months of the year. A number of critics of the government have weighed in on the plan to present the full budget, citing the “unconsitutional” nature of the move, especially <a href="https://timesofindia.indiatimes.com/india/full-budget-will-violate-tradition-says-yashwant/articleshow/67732646.cms">Yashwant Sinha</a>, the former finance minister, adding that he “doesn’t trust the figures released by the government anymore. Anand Sharma, an opposition leader in the Congress, has also termed the act of presenting a full budget as a <a href="https://indianexpress.com/article/india/full-budget-violation-of-parliamentary-conventions-congress-5554390/">“violation of parliamentary conventions”</a>.

Indian government denies plan to present full budget on Friday: Report

How Interim Budget Differs From Full Year Budget

Every other year, the Indian Government presents the annual budget in February for the next financial year starting April. The Finance Minister makes an annual budget speech on February 28 followed by detailed discussions in the Parliament leading to a vote on the proposals. However, during the election year, it is held to be fair for the incoming government to make the final proposals. Therefore, the outgoing government can present a report card of its performance in the year gone by, and allocate funds for the day to day functioning of the government until the elections are over. Traditionally, the interim budget, also called the vote on account, has not announced any sops. A full budget, when presented by the new government within six months of the interim budget, will make concrete proposals on what policies it will implement and how money will be spent. The first vote on account was presented in 1953 and since then there have 11 such interim budgets, of which five were by the outgoing governments and six were by the new governments as they all lacked enough time to present a full budget.

Here’s why India will only have an interim budget on February 1

<ul><li>With general elections just a couple of months away, the government is set to introduce the <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> in February 2019. </li><li>On Tuesday, India's finance ministry started an array of tweets — under '<keyword id="7225220" type="UNKNOWN" weightage="20" keywordseo="Know-Your-Budget">know your budget</keyword>' to enhance country's 'budget vocabulary’, educating general public on basics of budgetary process. </li><li>The tweets explained various terms including direct and indirect taxes, union budget, vote-on-account, capital budget and Revenue budget.</li><li>However, it is yet to be seen if the sixth budget will be presented as a full budget or vote-on-account.</li></ul>It appears that India’s finance ministry wants its youth and people well versed in financial and economic terms before it launches its interim budget. It has started a <a href="https://economictimes.indiatimes.com/news/economy/policy/know-your-budget-better-with-finance-ministrys-twitter-series/articleshow/67543165.cms?utm_source=ETMyNews&amp;utm_medium=HPMN&amp;utm_campaign=AL1&amp;utm_content=18">string of tweets</a> to educate the general public on the budgetary process. The ‘know your budget’ <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">twitter</keyword> series appears to be aimed at explaining the basic <a href="https://www.hindustantimes.com/budget/know-your-budget-better-with-finance-ministry-s-twitter-series/story-ZsqiFFfQfukk5XVx1kgCZN.html" data-type="tilCustomLink">definitions</a> of budgetary terms. 
 
 
 
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 But on surface, the meanings of some of the terms leave a lot to be explained. For example, in seeking to eliminate the confusion around what the interim budget is, it goes on to explain ‘vote-on-account’ as “a grant made in advance by the Parliament, in respect of the estimated expenditure for a part of new financial year.” 
 
 
 
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 Some of the other tweets have attempted to explain ‘capital budget’ and ‘revenue budget’ 
 
 
 
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 With the government presenting budget just ahead of general elections, it is yet to be seen if the finance minister, <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, will present a full budget or just a vote-on-account for the next fiscal. See also: <a href="https://www.businessinsider.in/interest-free-loans-and-income-support-the-upcoming-budget-may-be-a-song-for-indias-farmers/articleshow/67538156.cms">Interest-free loans and income support— the upcoming Budget may be a song for India’s farmers</a> <a href="https://www.businessinsider.in/heres-why-the-rupee-will-remain-weak-at-least-until-arun-jaitleys-budget-speech/articleshow/67524143.cms">Here’s why the rupee will remain weak at least until Arun Jaitley’s budget speech</a> <a href="https://www.businessinsider.in/markets/economy/indian-corporates-demand-lower-tax-rates-ahead-of-budget-2019/articleshow/67520197.cms">Indian corporates demand lower tax rates ahead of Budget 2019</a>

India's Finance ministry wants people to brush up on their 'budget vocabulary', launches Twitter series

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

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.

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

<ul><li>The focus will be to woo the vote bank – the middle class homebuyers </li><li><keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real estate</keyword> players expect the government to lower the <keyword id="35061" type="DOMAIN" weightage="20" keywordseo="housing">housing</keyword> interest loans </li><li>NBFCs expect a bigger push from the government </li></ul><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s real estate industry has been struggling for a few years now, and is looking up to the government for support. But the government’s focus may be on the middle class Indians who are a major part of its vote bank, and even the real estate industry is conscious of that. However, the players in the sector hope that while doling out sops to the voters, the government may bail the builders out with incentives and sops that will revive demand for properties. Real estate is the second largest employer in the country and it has been going through a phase of reinventing itself in recent years. The sector, infamous as a haven for ill-gotten wealth in the country, has been cleaned through a <a href="https://www.moneycontrol.com/news/business/real-estate/flashback-2018-tax-regulatory-changes-impacting-real-estate-sector-3333341.html">series of reforms</a> after the establishment of the Real Estate Regulatory Authority (RERA) in 2016. The regulatory chokehold, combined with tepid demand, had kept the builders in doldrums until now. The focus on, <a href="https://www.moneycontrol.com/news/business/economy/budget-2018-dedicated-affordable-housing-fund-anvil-2490925.html">affordable housing</a> in the last budget has helped bring some of the buyers back. 2018 saw some recovery in the real estate launches. The top seven cities in India recorded launches of around 1.95 lakh units in 2018, up 32% from a year ago. <keyword id="136927" type="ORGANIZATION" weightage="20" keywordseo="affordable-housing">Affordable housing</keyword> comprised the lion’s share of new launches at 40%, according to Anarock. . Another sign the industry might be improving is unsold inventory, which measures homes and properties that builders are unable to sell even after construction. At the national level, unsold inventory has steadily dropped over the last four quarters, from 47 months at the end of December 2018 to 33 months now. 

	
 
 <div type="image" title="Unsold properties have steadily reduced over the last year" msid="67559319" hostid="261" caption="&amp;lt;p&amp;gt;Unsold properties have steadily reduced over the last year&amp;lt;/p&amp;gt;"></div>







 With the builders in recovery mode, the government may focus on pushing buyers to bet their money on new homes. Benefits for homebuyers Incentives for India’s massive middle class may also be a politically prudent step for the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government in an election year. “The fact that the exemption limit (under Section 80C) was raised last in 2014 after a decade-long hiatus raises high expectations that this route may be revisited in this budget. It is certainly an assured crowd-pleaser, which matters in the electoral year,” said Anuj Puri, Chairman – ANAROCK Property Consultants. However, the government efforts to push affordable housing also appear to be moving slowly. For instance, the Pradhan Mantri Awas Yojana, a central government scheme launched in 2015 to promote affordable housing for all, has thus far only sanctioned 32% of the amount it allocated initially, pointed out Puri citing ministry data. Another aspect that the builders want the government to push for is <a href="https://www.financialexpress.com/budget/budget-2019-predictions-india-modi-govt-mulls-changes-in-income-tax-rates-relief-on-housing-loan-interest-rates-savings-limit/1438563/">lower the interest rates</a> on housing loans. ‘High tax’ burden on developers However, developers have raised the issue of high taxes on real estate in India. “I would also add the expectation of bringing stamp duty within the purview of GST; input credit of construction against the output of renting; incentivize rental housing to meet Housing for All commitment by 2022 and increasing limit of interest deduction, paid on the home loan, from 2 lakh to 3 lakh," said Dr <keyword id="221667" type="PERSON" weightage="20" keywordseo="Niranjan-Hiranandani">Niranjan Hiranandani</keyword>, President, NAREDCO told <a href="https://www.zeebiz.com/india/news-budget-2019-expectations-rationalise-taxes-boost-the-purchasing-power-of-the-masses-demand-real-estate-experts-80390">Zee Business</a>. The GST Council has also formed a panel which will look into the problems that currently cloud the real estate sector, mainly after the implementation of GST, both from the perspective of the buyers as well as the developer. The panel will be headed by Gujarat deputy chief minister Nitin Patel. Given the recent massive liquidity crunch post the <a href="https://economictimes.indiatimes.com/industry/banking/finance/life-after-ilfs-is-it-game-over-for-nbfcs/articleshow/66316077.cms">IL&amp;FS crisis</a> among non-banking financial companies (NBFCs), the industry further expects India’s government to promote easier lending options, which in turn can spur access to home loans.

Interim Budget 2019 may help homebuyers and not builders

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

<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>

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