The first budget of the third term of the Modi government will be presented on July 23. Parliamentary Affairs Minister Kiren Rijiju gave this information in a tweet. He told that the budget session of Parliament will run from 22 to 12 August. During this, Finance Minister Nirmala Sitharaman will present the budget for 2024-25 on July 23. Union Minister Rijiju said that on the recommendation of the Modi government, the President has approved the proposal to convene both the Houses of Parliament from July 22, 2024 to August 12, 2024 for the Budget Session, 2024. At the same time, the Union Budget, 2024-25, will be presented in the Lok Sabha on July 23, 2024. Due to being an election year, the budget is being presented twice this year. Earlier, an interim budget was presented on February 1, 2024. Now the full budget will be presented after the formation of the government.
Many announcements can be made in the budget to empower women power
Many sectors and classes are expecting subsidies, tax relief and other subsidies in the Union Budget 2024-25. In Modi Government 3.0, Finance Minister Nirmala Sitharaman along with her team can make some big announcements to empower women in the budget. Along with this, some policy changes can also be made. This can focus on increasing subsidies and reducing the cost of important commodities.
During the Interim Budget 2024 in February, Finance Minister Sitharaman revealed that loans worth 30 crores have been disbursed to women entrepreneurs under the Mudra scheme. In addition, 83 lakh self-help groups (CHGs) and one crore women are dedicated to become Lakhpati Didi.
Experts believe that the full Budget 2024 may include implementing subsidies for the betterment of women and additional tax exemptions to reduce the prices of important commodities. Subsidies can be provided especially on LPG to health services. Apart from this, the Modi government can also consider giving tax exemptions to women. These tax exemptions can be quite different. These exemptions depend on factors such as marriage, employment status and parental responsibilities.
What will happen in Modi’s full-time budget?
You can get tax exemption on these things
Marriage Status: Tax breaks for married women may include benefits such as joint filing options or tax credits for married couples.
Employment Status…
Working women may be eligible for tax deductions related to work-related expenses, retirement contributions or education expenses.
Responsibilities of parents…
Women with children may be eligible for tax credits, deductions or benefits such as child care subsidies or education savings plans.
Concessional tax slab:
Experts say that the government may consider reintroducing concessional tax slab rates specifically for women. The aim of this initiative may be to offer economic empowerment by offering lower tax rates for women taxpayers.
Parents’ tax deduction:
Many countries such as the US, Canada, etc. provide tax credits or deductions for parents, which can be especially beneficial for single mothers. These credits help reduce the costs associated with raising children.
Medical Expenses
In addition, the deduction for medical expenses may be particularly relevant for women who incur higher healthcare costs. In addition, an enhanced deduction under Section 80D has been provided for mediclaim insurance paid on policies taken by women.
