The interim budget for the fiscal year 2024-25 is set to be presented by Union Finance Minister Nirmala Sitharaman on February 1, 2024.
FM Sitharaman will present the sixth consecutive Union Budget. However, this will be an interim budget.
The specifics of the interim budget will apply from April 1, 2024, to March 31, 2025, up until a new government assumes power post-election.
Post-announcement, all budget-related documents will be available for public viewing on http://www.indiabudget.gov.in/, facilitating transparency.
Part A encompasses financial schemes for diverse sectors like health, education, banking, rural, and urban industries, along with welfare initiatives.
Part B details direct and indirect taxes, revisions in income tax slabs, customs, and excise duty, and presents a summarized view of tax announcement.
Insight into the budget's funding from extra-budgetary resources, not included in tax and non-tax revenue, will be revealed.
The budget will project revenue expectations from income tax, corporate tax, GST, and excise duty, while also outlining ministry-wise expenditure.
The Finance Bill, part of the Budget, details the imposition, abolition, remission, or regulation of taxes. It undergoes debates and discussions.
Upon passage of the Finance Bill, Budget 2024 becomes law, providing legal authority to the budgetary allocations and policies outlined in the budget
The interim budget outlines expenditures for the initial months of FY2024-25, subject to the formation of a new government post-Lok Sabha elections.