Union Budget 2024: Finance Minister Nirmala Sitharaman is going to present the budget on February 1, 2024. The middle class and working people have many expectations from this budget, in which they can get the gift of tax exemption and employment.
Nirmala Sitharaman is going to present the Union Budget (Union Budget 2024) for the sixth consecutive time. The Finance Minister will achieve this milestone on February 1, 2024. There can be big announcements in this budget for everything from infrastructure to defense sectors. Apart from this, it is expected that Nirmala Sitharaman can also announce something special for the middle class and working people in the budget.
The biggest concern for the common man is employment (Employment in Budget). The middle class, which is facing concerns of unemployment, is eagerly waiting for those policies and schemes (Govt Schemes) which can create more employment opportunities. In view of the elections, there is high expectation of increase in job opportunities in the interim budget. Besides, there is also a possibility of announcement of things like tax deduction for the middle class, affordable housing, relief from inflation and reduction in home loan interest rate.
Extension of employment scheme
It is expected that the Government of India can expand the Self-reliant India Employment Scheme (ABRY), which provides subsidies to companies. This will create employment opportunities. This scheme is going to end by March 2024. At the same time, the budget of NREGS can also be increased under the Rural Employment Scheme. Apart from this, some special announcement can also be made to create employment opportunities in sectors like Railways, Defense and Infrastructure.
Expectation of income tax exemption
To reduce the tax burden for the middle class, the central government can also announce income tax exemption in this budget. It is expected that the scope of exemption under Section 80C of Income Tax can be increased to more than Rs 1.5 lakh annually. If this is done then the tax exemption given under PPF and insurance will increase, which will directly benefit the middle class and salaried employees.
Insurance exempted from GST
Exemptions regarding insurance may also be announced in Budget 2024. It is expected that in the upcoming budget, the Finance Minister will exempt insurance policies from GST, which will reduce the insurance premium. By getting exemption, the number of insurance will also increase and the economy will grow.
