Budget 2024 Expectations: What could change for taxpayers in India today (2024)

FAQs

What can we expect from the budget in 2024? ›

Changes in the Budget Projections

The deficit in 2024 is $0.4 trillion (or 27 percent) larger in our current projections than it was in our February 2024 projections. About 80 percent of the increase in the projected deficit for 2024 is driven by four factors that all boost projected outlays.

When will the Union Budget be Presented? Finance Minister Sitharaman will likely present the Union Budget 2024-2025 on July 23.

Since 1947, there have been a total of 73 annual budgets, 14 interim budgets and four special budgets, or mini-budgets.

It has not yet been announced, but in previous years most budget statements are made at approximately 12:30pm, straight after the Prime Minister's questions.

Key tax cuts and reforms announced:

National Insurance Contributions: from April 6th Employee NIC will be cut by 2p from 10% to 8%, and for self-employed will be cut from 8% to 6%. Non-domicile tax status will be “abolished” and replaced by a “modern, simpler and fairer” system from April 2025.

Economic growth is projected to slow in 2024 amid increased unemployment and lower inflation. CBO expects the Federal Reserve to respond by reducing interest rates, starting in the middle of the year. In CBO's projections, economic growth rebounds in 2025 and then moderates in later years.

The fiscal deficit of a country is calculated as a percentage of its GDP or simply as the total money spent by the government in excess of its income. In either case, the income figure includes only taxes and other revenues and excludes money borrowed to make up the shortfall.

A budget is a way to balance income, expenses and financial goals for a specific length of time.

Total expenditure (excluding debt repayment) in 2024-25 is targeted at Rs 6,96,632 crore. This is an increase of 14% over the revised estimate of 2023-24. This expenditure is proposed to be met through receipts (excluding borrowings) of Rs 6,10,101 crore and net borrowings of Rs 71,427 crore.

Which ministry has the highest budget? ›

Most significantly, section 101 modifies the two expiration dates established in the second continuing resolution (Further Continuing Appropriations and Other Extensions Act, 2024, Public Law 118-22), changing those dates to March 1, 2024 (from January 19, 2024), and March 8, 2024 (from February 2, 2024).

Washington, D.C. – Today, by a vote of 75-22, the U.S. Senate passed the six-bill Fiscal Year 2024 (FY24) appropriations package.

Central government's total expenditure was £111.7 billion in April 2024, £4.4 billion more than in April 2023. Of this £4.4 billion increase in spending: net social benefits paid by central government increased by £2.1 billion to £27.1 billion, largely because of inflation-linked benefits uprating.

Washington, D.C. – Today, by a vote of 75-22, the U.S. Senate passed the six-bill Fiscal Year 2024 (FY24) appropriations package.

The FY 2024 base begins at the FY 2023 Enacted level of $12.3 billion. In addition to $537 million to maintain current staffing levels, the IRS requires another $281 million to reach current operating levels. The additional base adjustment entails supplementary labor costs within Taxpayer Services and Enforcement.

Tracking the Federal Deficit: May 2024. $348 billion deficit, increasing year-over-year (YOY) by $108 billion. The government is running a cumulative deficit of $1.2 trillion so far in FY2024 ($46 billion less than the same period in the prior fiscal year when adjusted for timing shifts*).

To pay for a deficit, the federal government borrows additional funds, which increases the debt. Other activities contribute to the change in federal debt, such as changes in the Treasury's operating cash account and federal student loans. The total debt for the U.S. through June 28, 2024 is $34.83 trillion.