Heading: Income Tax Budget 2024 Live: Updates, Expectations, and Analysis

Union finance minister Nirmala Sitharaman is set to present her seventh consecutive Budget on Tuesday, with taxpayers eagerly awaiting relief in the form of adjusted income tax slabs and rates to provide relief to the middle class. Prime Minister Narendra Modi’s government is expected to focus on reducing the fiscal deficit while also cutting taxes and increasing welfare spending to satisfy his allies.

The Economic Survey 2023-24 released on Monday highlighted the growth in gross tax revenue, with direct taxes contributing approximately 55% of the total revenue. The efficiency of tax collection has improved over time, with the cost of collecting direct taxes dropping significantly.

Prime Minister Narendra Modi has emphasized that the Budget for 2024-25 will focus on policies for the next five years, with a special emphasis on youth, farmers, the poor, and women. The budget aims to lay the foundation for India’s transformation into a developed nation by 2047.

As the anticipation builds for the Budget presentation at 11 am in the Lok Sabha, experts have high hopes for tax relief for middle-income households and increased expenditure allocation for marginal and rural populations. The government may also consider lowering personal income tax rates to boost consumer spending and stimulate economic growth.

Stay tuned for live updates on the Union Budget 2024-25 as Nirmala Sitharaman unveils the details in her budget speech, marking her first budget presentation of Modi 3.0.