Budget 2024 Expectations Live Updates: Will FM Nirmala Sitharaman Surprise With Income Tax Relief for Salaried Class? – News18

Budget 2024 Expectations LIVE Updates: ‘Urgent Need for Sustainable Practices’

Budget 2024 Expectations LIVE Updates: “As we look ahead to the Union Budget 2024-25, the emphasis on sustainable development is paramount. The built environment is responsible for nearly 40% of global greenhouse gas (GHG) emissions coming from buildings and, if left unchecked, they’re set to double by 2050, highlighting the urgent need for sustainable practices,” said Annu Talreja, founder & CEO at Accacia.

To align with the NDC goals and mitigate the carbon footprint of the construction sector, the government should introduce financial incentives for the production and utilization of green building materials like green cement, concrete, steel, plywood, paints and others. This could manifest through reduced GST rates, tax credits, or grants for companies manufacturing and supplying environmentally friendly construction materials, he added.

“Along similar lines, tax incentives and reduced GST rates for devices that help optimize energy & water consumption like heat pumps, BMS systems should be carved out. I also hope the government can launch a special program to fund startups to foster R&D and innovation in sustainability space,” Talreja said.

Budget 2024 Expectations LIVE Updates: Katrina Almario, Vice President of Amway India, Urges Govt To Prioritise Preventive Healthcare

“India has witnessed a significant shift in focus towards holistic health and wellbeing, aligning with the Government’s vision for a healthier nation. We urge the union budget to prioritize preventive healthcare initiatives, especially given the rise in lifestyle diseases and the need for robust preventive healthcare initiatives under the Swasth Bharat Mission. As a leading FMCG direct-selling company focused on health and wellbeing, Amway shares this vision and expects Budget 2024 to facilitate widespread access to wellness. Towards this end, we hope the Government rationalizes GST on dietary supplements from the current 18% in the upcoming Union Budget 2024. This will be a welcome move, considering a holistic healthcare system combined with nutraceuticals and health supplements provides significant economic value and will play a vital role in contributing to reviving the Indian economy. We also propose the expansion of GST exemptions, including input tax credits, to cover dietary health and wellness products, including Ayurvedic preparations. This would enable more people to embrace wellness practices, paving the way for a healthier India,” said Katrina Almario, vice-president (finance), Amway India.

As a company empowering individuals to start their own businesses, we urge the government to consider lowering income tax slabs for direct sellers who are sole proprietors or small businesses. This adjustment would support entrepreneurship and contribute to overall economic growth. Furthermore, lowering taxes would improve spending power, allowing more people to invest in their health. We also advocate incentivizing research and innovation by providing fiscal incentives to support R&D initiatives, thereby fostering an environment for technological advancement and enhancing our nation’s competitiveness in the global market, she added.

Budget 2024 Expectations LIVE Updates: Mapsko Director Rahul Singla Calls for Raising Home Loan Interest Rebate

“As the Interim Budget 2025 nears, the real estate sector anticipates significant measures to enhance the industry, focusing on affordability and boosting demand across all segments. Increasing the home loan interest rebate under Section 24 from Rs 2 lakh to Rs 5 lakh is critical, but additional actions are necessary to make homeownership more accessible. Addressing land shortages by making government-owned lands available for residential projects, especially affordable housing, will further promote growth,” said Rahul Singla, director of Mapsko Group.

Granting the real estate sector industry status would be pivotal. This recognition could reduce capital costs, simplify approvals, and attract more investments. Additionally, reducing the GST burden on developers, particularly for affordable housing projects, would help lower property prices. Introducing more tax benefits for homebuyers, especially first-time buyers, will further encourage investment. While the luxury real estate market shows significant growth potential, revising long-term capital gains on property should benefit all homeowners, not just investors. These measures are essential for the growth and sustained contribution of the sector to India’s economy, he said.

Budget 2024 Expectations LIVE Updates: What’s Expected on Technology Front?

Union Budget 2024 Live Updates: “The key areas that the budget should focus on are increased utilisation of technology, digital adoption, digital skill development, job creation, IT services and products, and tax breaks on maintenance contracts to improve the business environment in the country. The budget must support investment in cybersecurity startups that focus on innovative technologies such as secure communications, encryption, and data protocols that offer multiple benefits. This budget should focus on newer ventures to drive innovation in threat detection and defence, improve cybersecurity skills, stimulate job creation, and promote economic growth through technological entrepreneurship. By strategically allocating resources in the form of grants, tax incentives, and funding programs, governments and organisations can strengthen their cybersecurity defences against evolving digital threats” said Julian Wheatland, CEO, Progility Technologies.

Budget 2024 Expectations LIVE Updates: Anurag Gupta, co-Founders of STEMROBO, Expect Push To STEM Education

Anurag Gupta, co-Founders of STEMROBO, said, “We anticipate more measures aimed at enhancing STEM education, expanding digital infrastructure in rural areas, and raising educational standards to meet global benchmarks. Building on progress from the interim budget, which focused on boosting STEM education and digital literacy, the upcoming budget aims to further reduce educational disparities with targeted programs for underrepresented groups.
The interim budget made significant strides by emphasizing gender inclusivity in STEM education, where 43% of enrolled students were women, showcasing progress in educational equity. Notable changes included a proposed reduction in GST rates on educational goods and services from 18% to 5%, aimed at making education more affordable. Additionally, the selection of 14,500 schools for upgrades under the Education Policy 2020 showcased a commitment to modernizing educational infrastructure.”

It also allocated substantial funds for digital teaching resources, ICT upgrades, and initiatives integrating advanced technologies like AI and VR into school curricula. These efforts set a foundation for anticipated developments in the sector.
The upcoming National Education Policy is likely to prioritise digital literacy and effective edtech utilisation, with a focus on expanding digital infrastructure in rural communities to bridge educational disparities. Public-private partnerships will continue to play a crucial role in enriching educational experiences through enhanced collaborations and incentives for ed-tech firms. Strategic investments in R&D, state-of-the-art laboratories, and ICT infrastructure upgrades will be pivotal in preparing India’s youth for future challenges in a technology-driven world.
As India continues to progress towards becoming a knowledge-based economy, these strategic investments in education will be pivotal in shaping a skilled and competitive workforce capable of driving sustainable growth and development, he added.

Budget 2024 LIVE Updates: Where Can You Watch Budget Speech 2024-25?

The Union Budget 2024 will be live-streamed across platforms at 11 am on July 23. It can be watched live on CNN-News18 and News18 TV channels, along with in-depth analysis.

Apart from this, the Budget Speech live-streaming and broadcast will be done on the India Budget’s website, Sansad TV and Doordarshan TV channels and their YouTube channels.

The duration of the Budget Speech depends upon the length of the Budget. Among Sitharaman’s six Budget Speeches so far, the Budget Speech 2020 was the longest which continued for 2 hours and 40 minutes. It was also India’s longest Budget Speech. Her shortest Budget Speech was in Interim Budget 2024, at 56 minutes.

The shortest Budget Speech in India was delivered by Hirubhai M Patel, who presented an 800-word interim budget for 1977-78.

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Budget 2024 Expectations LIVE Updates: 7 Stocks To Add To Your Portfolio

Reliance Securities has come out with a list of seven stocks, which it believes offer earnings growth and specific qualitative and quantitative triggers, which can help them outperform and create alpha returns over the next few months, as the market hits record high ahead of the Union Budget 2024. They are Larsen & Toubro Ltd, SRF, AU Small Finance Bank Ltd, Tata Technologies Ltd, Devyani International Ltd, The Ramco Cements and ZEE Entertainment Enterprises Ltd. The domestic brokerage believes one can buy these stocks for 15-22 per cent upside going ahead.

[note]Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.[/note]

Budget 2024 Expectations LIVE Updates: Incentives for Real Estate Developers In Affordable Housing Projects

“We expect policies that bolster both affordable and luxury housing sectors. Key expectations include enhanced incentives for developers in affordable housing projects, streamlined approval processes, and increased allocation to urban infrastructure. Additionally, we hope for substantial tax rebates for homebuyers, making property ownership more accessible and attractive. Introducing higher tax deductions on home loan interest will stimulate demand and provide much-needed relief to buyers. Such measures will not only invigorate the real estate market but also support broader economic growth, addressing the housing needs of diverse income groups,” said, Ravi Saund of Emperium.

Vikas Aggarwal, COO of Worldwide Realty, said, “As the Union Budget approaches, we anticipate significant allocations towards infrastructure development to bolster connectivity and economic growth. A strong focus on affordable housing is crucial, as it addresses the pressing need for quality living spaces for the masses. Enhancing the PMAY scheme and increasing tax relief for first-time homebuyers would stimulate demand and make homeownership more accessible. Investments in sustainable and smart city projects should be prioritised to align with urbanization trends and environmental goals. These measures will accelerate real estate growth and contribute to the nation’s overall socio-economic development.”

Budget 2024 Expectations LIVE Updates: Budget 2024-25 Countdown Starts

The countdown to much-awaited Union Budget 2024-25 has already started. Stay tuned for LIVE updates. Finance Minister Nirmala Sitharaman will present the Budget on July 23 at 11 am.

Budget 2024 Expectations LIVE Updates: A Reduction of 0.5% in TCS Rate Can Improve Cash Flow for Small Sellers, says Harsh Bhuta, partner at Bhuta Shah & Co LLP

Reduced TCS Rate: Harsh Bhuta, partner at Bhuta Shah & Co LLP said, “ECOs are required to collect TCS on net supplies under Section 52(1) of CGST Act. Currently, ECOs are mandated to collect TCS at a rate of 1%. There has been a consistent call from the industry to reduce this rate to alleviate the compliance burden. A reduction of 0.5% or even 0.25% could help improve cash flow for small sellers and make compliance less onerous.”

Budget 2024 Expectations LIVE Updates: Umesh Mohanan, ED & CEO of Indel Money, Expects Relaxation in Gold Import Duty

Umesh Mohanan, ED & CEO of Indel Money, said, “Gold loan NBFCs are mainly looking at whether there will be any cut or relaxation in the gold import duty in the Union Budget-2024-25. Gold imports now attract 15% duty. Any such move will lead to a crash in gold price in the domestic market, which bodes ill for the gold loan business.”

The RBI’s curbs on providing unsecured retail loans by banks and NBFCs are certainly boosting the gold loan business. However, in the case of other NBFCs, a reduction in bank lending to the shadow banks, following the RBI directive in November last year, is a serious concern. The latest RBI Financial Stability Report highlights that, in terms of net borrowing, NBFCs are the largest participants in the banking system and a major part of their borrowings come from the Scheduled Commercial Banks (SCB). The central bank is of the opinion that the caution in bank lending to the NBFCs should continue. In such a scenario, in the upcoming Budget, they are demanding the creation of a dedicated refinance agency like SIDBI for NBFCs to reduce their dependence on the SCBs, maintain liquidity and drive loan growth. Further, NBFCs are also demanding harmonisation of rules and regulations with the banks, especially in the areas of recovery and taxation. Currently, there is no level-playing field, and the banks are at an advantageous position compared with the shadow banks, he added.

Budget 2024 Expectations LIVE Updates: Standard Deduction Likely To Be Raised to Rs 1 Lakh

The finance ministry is reportedly considering raising the standard deduction limit for income taxpayers under the new tax regime while leaving the tax exemption-heavy old regime unchanged.

According to a report by Moneycontrol, the finance minister may consider increasing the standard deduction to up to Rs 1 lakh per annum in the upcoming budget.

Budget 2024 Expectations LIVE Updates: Higher Take-Home Salary for Taxpayers Likely, says Amit Gupta, Partner at Saraf Partners

Amit Gupta, Partner at Saraf and Partners, said, “Considering the government would be aiming to induce higher consumption levels in the economy, tax reliefs resulting in the higher post-tax take-home income for the taxpayers may be expected.”

He said that every year, taxpayers compile a wish list for the government, hoping for tax relief measures such as an increase in the tax exemption limit and higher deduction amounts to ease their tax burden.

Gupta said that the legislature’s mandate is to align the tax amendments to widen the tax base and provide the requisite stimulus to the areas of prime importance for the Nation at large.