Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 at Parliament on Thursday, February 1, a day after the commencement of the Budget Session. The interim budget will provide estimates of the government’s expenditure, revenue, fiscal deficit, financial performance, and projections for the upcoming months. The full budget is scheduled to be presented after the Lok Sabha elections by the newly elected government.

Despite some speculations suggesting the interim budget might be a vote on account, many experts anticipate crucial announcements, especially for income taxpayers and salaried individuals. Expectations include measures to enhance the attractiveness of the new income tax regime. Anticipation is also high for significant announcements in the EV, real estate, cryptocurrency, and renewable energy sectors.

Various industry stalwarts, spanning sectors such as EV, real estate, healthcare, education, energy, auto, agriculture, FMCG, IT, and defence, are eagerly awaiting the interim budget. As the countdown to the budget presentation begins, stay informed about all Budget 2024 updates with Livemint.

Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.

 

Some FAQs ahead of the Interim Budget 2024 speech by Finance Minister Nirmala Sitharaman:

What Date and time will the Budget be announced?

On February 1 at 11 am, the Finance Minister will set the stage for the temporary financial plan until the new government takes over. This will be the sixth budget presentation put forth by the finance minister including five annual and one interim.

 

Where to watch FM Nirmala Sitharaman’s speech?

Finance Minister Nirmala Sitharaman’s Budget speech will be telecasted live on the official channel of Parliament Sansad TV and Doordarshan.

Where to read the Budget 2024 document?

The interim Budget 2024 can be accessed in a “paperless form” through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). This Government of India app will provide all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. Budget documents will be promptly available on the Mobile App following the conclusion of the Budget Speech.

01 Feb 2024, 01:04:47 PM IST

Budget 2024 Live: ValuAble founder calls interim budget as ‘promising’

Budget 2024 Live: “It was a promising interim budget! Honourable Finance Minister has provided a balanced outlook towards growth and promoting sustainability. The invaluable focus on “Garib, Mahilayen, Yuva and Annadata” is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy,” said Siba Panda, Founder and Managing Partner, ValuAble.

01 Feb 2024, 01:01:06 PM IST

Budget 2024 Live: FM on Economy Then and Now

Budget 2024 Live: The economy has been put firmly on a sustainable growth path with all-round development. It is now appropriate to look at where we were then till 2014 and where we are now, to draw lessons from the mismanagement of those years

Government. will lay a whitepaper on the table of the House. Exemplary track record of governance, development and performance, and effective delivery and Jan Kalyan has given the government the trust, confidence and blessings of the people to realize whatever it takes to realize the goal of Viksit Bharat.

01 Feb 2024, 01:00:41 PM IST

Budget 2024 Live: FM on Tax proposals

Budget 2024 Live: In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties.

However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.3.2024; to provide continuity, I propose to extend the date to 31.3.2025

There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands many of them dating back as far as 1962, causing anxiety to honest taxpayers and hindering refunds. In line with our vision to improve ease of living and ease of doing business, I propose to withdraw such outstanding direct tax demands up to Rs. 25,000 pertaining to the period up to the financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about 1 crore taxpayers.

Budget 2024 Live: Budget adeptly striked a balance, prioritising sensibility over populism, says, Edelweiss MF President

“In an election year, the budget adeptly strikes a balance, prioritizing sensibility over populism. It showcases India’s unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047,” said Trideep Bhattacharya, President & Chief Investment Officer- Equities, Edelweiss MF.

Disclaimer: Trideep Bhattacharya is President & Chief Investment Officer- Equities of Edelweiss Asset Management Limited (EAML) and the views expressed above are his own.

01 Feb 2024, 12:54:59 PM IST

Budget 2024 Live: FM on Tax proposals

Budget 2024 Live: In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties.

However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.3.2024; to provide continuity, I propose to extend the date to 31.3.2025

There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands many of them dating back as far as 1962, causing anxiety to honest taxpayers and hindering refunds. In line with our vision to improve ease of living and ease of doing business, I propose to withdraw such outstanding direct tax demands up to Rs. 25,000 pertaining to the period up to the financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about 1 crore taxpayers.

01 Feb 2024, 12:54:23 PM IST

Budget 2024 Live: FM on GST

Budget 2024 Live: GST has reduced the compliance burden on trade and industry. The tax base of GST has more than doubled and the average monthly gross GST collection has almost doubled to Rs. 1.66 lakh crores this year

States too have benefited, and states’ SGST revenue including compensation released to them in the GST period has achieved buoyancy of 1.22. The biggest beneficiaries are consumers due to the reduction in logistics costs and reduced prices of most goods and services

Budget 2024 Live: Government has reduced and rationalized tax rates, says FM

Budget 2024 Live: Direct tax collections have more than trebled in the last 10 years, and return filers have become 2.4 times. The government has reduced and rationalized tax rates.

The introduction of updated IT returns, new form 26AS and pre-filling of tax returns have made filing simpler and easier. Average processing time has been reduced from 93 days in 2014 to 10 days this year, thereby making refunds faster.

01 Feb 2024, 12:48:48 PM IST

Budget 2024 Live: FM on Budget Estimates for 2024-25

Budget 2024 Live: Total receipts other than borrowings: Rs. 30.80 lakh crores

— Total expenditure: Rs. 47.66 lakh crores

— Tax receipts: Rs. 26.02 lakh crores

— A Scheme of 50-year interest-free loans for capital expenditure, to states will be continued with outlay of Rs. 1.3 lakh crores

— Fiscal deficit in 2024-25 is estimated to be 5.1% of GDP, adhering to the path of fiscal consolidation

— Gross and net market borrowings through dated securities during 2024-25 are estimated to be Rs. 14.13 lakh crores and Rs. 11.75 lakh crores respectively, both less than that in 2023-24

— Lower borrowings by central government will facilitate larger credit for private sector

01 Feb 2024, 12:44:38 PM IST

Budget 2024 Live: Govt has brought 10 million smiles to taxpayers, N.A. Shah Associates

“The government has brought 10 million smiles to taxpayers by eliminating outstanding demands below 25k upto FY 2009-10 and below 10k upto FY 2014-15. This also means they are using their database wisely,” Sandeep Shah, Managing Partner, N.A. Shah Associates.

01 Feb 2024, 12:40:56 PM IST

Budget 2024 Live: FM on Amrit Kaal as Karthavya Kaal

Budget 2024 Live: Every challenge of the pre-2014 era was overcome through economic management and governance. In the full Budget in July, the government will present a detailed roadmap for our pursuit of Viksit Bharat.

Budget 2024 Live: FM on Societal Changes

Budget 2024 Live: The government will form a high-powered committee for an extensive consideration of challenges arising from fast population growth and demographic changes

The committee will make recommendations to address these challenges comprehensively

01 Feb 2024, 12:39:26 PM IST

Budget 2024 Live: FM on Reforms in states for Viksit Bharat

Budget 2024 Live: Many growth and development-enabling reforms are needed in states. A provision of Rs. 75,000 crores as a 50-year interest-free loan is proposed this year to support those milestone-linked reforms by state governments

01 Feb 2024, 12:29:28 PM IST

Budget 2024 Live: FM on Dairy Development

Budget 2024 Live: A comprehensive programme for supporting dairy farmers will be formulated. India is the world’s largest milk producer, but with low productivity of milch animals, the programme will be built on existing schemes

01 Feb 2024, 12:28:49 PM IST

Budget 2024 Live: IFSCA becomes an attractive destination for international investors post simplification of regulatory environment, says Grant Thornton Bharat’s Vivek Iyer

Budget 2024 Live: “By consolidating regulatory powers and simplifying the regulatory environment, International Financial Services Centre Authority (IFSCA) becomes an attractive destination for international investors, showcasing India’s proactive stance in adapting to the evolving global financial landscape. This initiative goes beyond providing a gateway; it signifies India’s commitment to fostering innovation, investment, and financial services growth,” said Vivek Iyer,Partner and FinTech Industry Leader, Grant Thornton Bharat.

01 Feb 2024, 12:20:44 PM IST

Budget 2024 Live: FM on Agriculture and Food Processing

Budget 2024 Live: Efforts of value addition and boosting farmers’ income will be stepped up

— Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh jobs

— PM Formalization of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals with credit linkages

— Other schemes are helping reduce post-harvest losses and improving productivity and incomes

— Government will further promote private and public investment in post-harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding

— After the successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones

01 Feb 2024, 12:20:44 PM IST

Budget 2024 Live: FM on Agriculture and Food Processing

Budget 2024 Live: Efforts of value addition and boosting farmers’ income will be stepped up

— Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh jobs

— PM Formalization of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals with credit linkages

— Other schemes are helping reduce post-harvest losses and improving productivity and incomes

— Government will further promote private and public investment in post-harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding

— After the successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones

01 Feb 2024, 12:17:47 PM IST

Budget 2024 Live: FM on Welfare of Anna datas:

Budget 2024 Live: Farmers our are Anna Datas!!

– Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers

– Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana

These are assisting farmers in producing food for the country and for the world.

01 Feb 2024, 12:17:25 PM IST

Budget 2024 Live: FM on Ayushman Bharat

Budget 2024 Live: Health care cover under Ayushman Bharat to be extended to all ASHA workers, all Anganwadi workers and helpers

01 Feb 2024, 12:15:06 PM IST

Budget 2024 Live: FM on Maternal and Child Healthcare

Budget 2024 Live: — Various schemes under maternal and child health care to be brought under one comprehensive programme for synergy in the implementation

— Government will encourage vaccination for girls in the age group 9 – 14 years to prevent cervical cancer

— Upgradation of Anganwadi centres under Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development

— A newly designed U-Win platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out

01 Feb 2024, 12:14:00 PM IST

Budget 2024 Live: FM on Medical colleges

Budget 2024 Live: The government plans to set up more medical colleges by utilizing existing hospital infrastructure. A committee is to be set up to examine issues and make recommendations.

01 Feb 2024, 12:13:41 PM IST

Budget 2024 Live: FM on Housing for the middle class

Budget 2024 Live: A scheme to be launched to help deserving sections of the middle class living in rented houses or slums or chawls or unauthorized colonies to buy or build their own houses

01 Feb 2024, 12:11:57 PM IST

Budget 2024 Live: FM on Charging of Electric Vehicles

Budget 2024 Live: Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance

01 Feb 2024, 12:09:36 PM IST

Budget 2024 Live: FM on Rooftop solarisation and free electricity

Budget 2024 Live: Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of Prime Minister Narendra Modi, on the historic day of the consecration of the Ram Mandir in Ayodhya

Expected benefits: Savings up to Rs. 15,000 – Rs. 18,000 to households from free solar electricity and selling surplus to discoms

01 Feb 2024, 12:07:45 PM IST

Budget 2024 Live: Social justice is an effective and necessary governance model, says FM

Budget 2024 Live: Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !!

The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism

There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities

We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved

01 Feb 2024, 12:05:41 PM IST

Budget 2024 Live: Ready to assist states in faster development, says FM

Budget 2024 Live: Our government is ready to assist states in the faster development of aspirational districts and blocks. The government will pay utmost attention to making the eastern region and its people a powerful driver of India’s growth.

Despite the challenges of the pandemic, PM Awas Yojana Gramin implementation continued, we are close to achieving the target of 3 crore houses, 2 crore houses more will be taken up in the next 5 years to meet requirements arising from an increase in the number of families.

01 Feb 2024, 12:00:23 PM IST

Budget 2024 Speech Live: Priority to ensure timely and adequate finances, says FM

Budget 2024 Live: It is an important priority to ensure timely and adequate finances, relevant tech and appropriate training for MSMEs to grow and compete globally

Orienting the regulatory environment to facilitate their growth will be an important component of this.

Our government will facilitate sustaining high and more resource-efficient economic growth, this will contribute to energy security, in terms of availability, affordability and accessibility.

The government will prepare the financial sector in terms of size, capacity, skills and regulatory framework

01 Feb 2024, 11:58:27 AM IST

Budget 2024 Speech Live: FM Shares Strategy for Amrit Kaal

Budget 2024 Live: The vision for Viksit Bharat is that of a prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all to reach their potential. The next five years will be years of unprecedented development and golden moments to realize the goal of developing India by 2047.

Trinity of democracy, demography and diversity backed up by Sab Ka Prayaas has the potential to fulfil the aspirations of every Indian

Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, and help them enhance their capabilities and contribute to the generation of resources to power investments and fulfil aspirations

The government will take up next-gen reforms and build consensus with stakeholders for effective implementation.

01 Feb 2024, 11:55:55 AM IST

Budget 2024 Speech Live: No changes in taxation

Budget 2024 Live: I propose to maintain the same tax rates for direct and indirect taxes including import duties

01 Feb 2024, 11:54:56 AM IST

Budget 2024 Speech Live: New world order is emerging, says FM

Budget 2024 Live: Global affairs are becoming more complex, globalization is being redefined with reshoring, disruption and fragmentation of supply chains and competition for critical minerals and technologies. A new world order is emerging

India assumed the G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes. The COVID-19 pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward.

India built consensus on global problems, and the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others.

01 Feb 2024, 11:52:00 AM IST

Budget 2024 Speech Live: Economic Management has complemented people-centric inclusive development

Budget 2024 Live: Major elements of people-centric inclusive development

— All forms of infrastructure are being built in record time

— All parts of the country are becoming active participants in economic growth

— Digital public infrastructure is instrumental in the formalization of the economy

— GST has enabled One Nation One Market One Tax

— Tax reforms have deepened and widened the tax base

— Strengthening of the financial sector has made savings, investment and credit more efficient

— GIFT IFSC and Unified Regulatory Authority IFSCA are creating a robust gateway for global capital and financial resources

— Proactive inflation management has helped keep inflation within the policy band

01 Feb 2024, 11:38:07 AM IST

Budget 2024 Speech Live: FM on Empowerment of Women through Entrepreneurship

Budget 2024 Live: FM on Empowerment of Women through Entrepreneurship

— Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in the last 10 years

— 30 crore MUDRA Yojana loans have been given to woman entrepreneurs

— Female enrollment in higher education has gone up by 28% in 10 years

— In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world

— All these are reflected in the increasing participation of women in the workforce

— Making Triple Talaq illegal, one-third of women’s reservation in Lok Sabha and state assemblies, and giving over 70% of houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity

01 Feb 2024, 11:35:15 AM IST

Budget 2024 Speech Live: FM on Empowering Amrit Peedhi, the youth

Budget 2024 Live: FM Sitharaman on Empowering Amrit Peedhi, the youth

— The National Education Policy 2020 is ushering transformational reforms

— PM Shri is delivering quality teaching

— Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3,000 new ITIs

— A large no. of institutions of higher learning namely 7 IITs, 16 IITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up

— PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for the entrepreneurial aspirations of your youth

— Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth

01 Feb 2024, 11:31:57 AM IST

Budget 2024 Speech Live: FM lists schemes for farmers

Budget 2024 Live: FM Sitharaman lists schemes for farmers

— Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers

— Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana

— These are assisting farmers in producing food for the country and for the world

01 Feb 2024, 11:30:10 AM IST

Budget 2024 Speech Live: FM lists govt schemes for poor

Budget 2024 Live: Finance Minister Nirmala Sitharaman lists govt schemes for poor

— Direct Benefit Transfer of Rs. 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government. This has been realized through the avoidance of leakages, savings have helped to provide more funds for the welfare of the poor.

— PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time

— PM JANMAN Yojana reaches out to Particularly Vulnerable Tribal Groups

— PM Vishwakarma Yojana provides end-to-end support to artisans and craftspeople

— The scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind

01 Feb 2024, 11:27:20 AM IST

Budget 2024 Speech Live: Assisted 25 crore people to get freedom from multidimensional poverty, says FM

Budget 2024 Live: We need to focus on the poor, women, youth and farmers / Anna Data. Their needs, aspirations and welfare are our highest priority. All four require and receive government support, their empowerment and well-being will drive the country forward.

The earlier approach to tackling poverty resulted in very modest outcomes. When the poor became empowered partners in the development process, the government’s power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty.

01 Feb 2024, 11:22:29 AM IST

Budget 2024 Speech Live: There is transparency and assurance that benefits are received by all eligible people, says FM

Budget 2024 Live: For our government, social justice is an effective and necessary governance model. The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, and prevents nepotism.

There is transparency and assurance that benefits are received by all eligible people, regardless of their social standing get access to opportunities. We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved.

01 Feb 2024, 11:21:02 AM IST

Budget 2024 Speech Live: Working towards making India a Viksit Bharat by 2047, says FM

Budget 2024 Live: Our government is working towards development which is all-round, all-inclusive and all-pervasive. It covers all castes and people at all levels. We are working towards making India a Viksit Bharat by 2047.

01 Feb 2024, 11:18:10 AM IST

Budget 2024 Live: Our young country has high aspirations, pride in present and hope and confidence in its bright future, says FM

Budget 2024 Live: Our young country has high aspirations, pride in present and hope and confidence in its bright future, says FM. Inclusive development and growth, our humane approach to development has marked a departure from the earlier approach of provisioning up to the village level. Development programmes have targeted each and every household and individual through housing for all, Har Ghar Jal, electricity for all, cooking gas for all and bank accounts and financial services for all in record time. Worries about food were eliminated through free rations for 80 crore people. MSP for the production of Anna Data are periodically increased. The provision of basic necessities has enhanced real income in rural areas

01 Feb 2024, 11:15:12 AM IST

Budget 2024 Speech Live: Overcame COVID-19 Challenges, says FM Sitharaman

In the second term, the government strengthened its mantra and our development philosophy covered all elements of inclusivity, namely social and geographical

With a whole of national approach, the country overcame the challenges of the COVID-19 pandemic, took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal

01 Feb 2024, 11:14:48 AM IST

Budget 2024 Speech Live: Profound transformation, says FM Sitharaman

The Indian economy has witnessed a profound transformation in the last 10 years

In 2014, the country was facing enormous challenges, but the government overcame those challenges and undertook structural reforms, pro-people reforms were undertaken, conditions for jobs and entrepreneurship were set in, fruits of development started reaching people at scale, and the country got a sense of new purpose and hope.

01 Feb 2024, 11:12:15 AM IST

Budget 2024 Speech Live: Brought secularism into action, reduced poverty, says FM Sitharaman

Our govt focused on policies that brought secularism into action, reduced corruption, and prevented nepotism. We delivered Sabka Sath, Sabka Vikas through social and geographical. Garib, Mahilaye, Yuva, Annadata — Focus on the poor, women, youth, and farmers. In 10 years, the govt has helped 25 crore people to get freedom from multidimensional poverty.

01 Feb 2024, 11:09:17 AM IST

Budget 2024 Speech Live: Sabka Sath Sabka Vikas, says FM

“When we assumed office in 2014, the country was facing enormous challenges. With ‘Sabka Sath Sabka Vikas’ as its mantra, the government overcame those challenges,” says Union Finance Minister Nirmala Sitharaman as she presents Union Budget 2024.

01 Feb 2024, 11:04:30 AM IST

Budget 2024 Speech Live: FM presents Interim Budget in Parliament

Finance Minister Nirmala Sitharaman has begun presenting Interim Budget 2024 in Parliament with her Budget speech

01 Feb 2024, 11:00:02 AM IST

Budget 2024 Live: Puneet Mishra, Partner, M&A Tax & Regulatory Services, BDO India

Budget 2024 Live: Overhauling capital gains is necessary, feels Mishra. Currently, capital gains face different tax rates based on their holding period, leading to complexity. Standardising the capital gains system, including simplifying the holding period (long-term or short-term) and making tax rates uniform across various asset classes, would benefit investors, he added. Making these changes align with the government’s vision for taxpayer-friendly initiatives, like common income-tax return forms and annual information statements, could improve overall compliance.

01 Feb 2024, 10:53:16 AM IST

Budget 2024 Live: Sapna Narang, Managing Partner, Capital League

As we anticipate the upcoming budget, there is no foreseen adjustment in the taxation framework for gains on equity or debt, said Narag. He noted that as of last year, April 2023, there were amendments to the taxation rules governing debt mutual funds and returns generated from various debt instruments, including FDs, Debt MF, Bonds, and NCDs, are subject to taxation based on the investor’s slab rate. This modification aims to standardize the taxation approach for all debt instruments.

The government’s objective is to attract long-term capital to the equity markets, and consequently, it is likely that incentives, in the form of lower taxes compared to debt investments, will persist, he added.

Budget 2024 Live: Cabinet approves Interim Budget

Budget 2024 Live: Union Cabinet headed by Prime Minister Narendra Modi approves pre-election Budget: Sources