Budget 2024: Finance minister Nirmala Sitharaman to present Union Budget on July 23

Finance minister Nirmala Sitharaman

Finance minister Nirmala Sitharaman will present the Union Budget on July 23. The Budget session will commence on July 22 and conclude on August 12.

Making the announcement, Parliamentary Affairs Minister Kiren Rijiju posted on X, "Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business)."

Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget,…

— Kiren Rijiju (@KirenRijiju) July 6, 2024

This will be the first budget presented by the government led by Prime Minister Narendra Modi in its third term amid high anticipation following President Droupadi Murmu's assertion that it will be marked by many historic steps.

Live updates: Budget 2024

An interim budget was presented by Sitharaman in the Parliament on February 1. She will now become the first-ever finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai who presented six Budgets in a row.

The Union Budget is generally presented on February 1. However, owing to the 2024 Lok Sabha elections, FM Sitharaman presented an interim budget in February.

Also read | Budget 2024: Rs 40,000-crore PLI scheme likely for electronics sub-assemblies and components

There are several speculations around what the FM may announce regarding the benefits for taxpayers. One such anticipated benefit is an increase in the standard deduction limit.

According to experts, the Finance Minister may consider increasing standard deduction to up to Rs 1 lakh per annum. Standard deduction is a flat deduction available to individuals earning salary. Employees do not need to submit any proof or documents to the employer or I-T department to claim this deduction.

In the interim budget of 2019, the standard deduction limit was increased to Rs 50,000. However, there has been continuous demand to increase the limit.

-  This is a developing story