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Finance Minister Nirmala Sitharaman will present the budget for 2024-25 today on February 1. This is an interim budget, as general elections are due in April-May. The full budget is expected to be presented in July after the new government comes to power. The interim budget provides the current government with money to run the country until a new government comes in and presents a full budget. No major announcement is expected in this budget.
Finance Minister Sitharaman has already hinted about it. In the interim budget, the government is not allowed to make any major policy changes that affect voters.
However, the constitution empowers the government to make changes in the tax system in the interim budget. In the interim budget of 2019, the government also gave exemptions in income tax under Section 87A. Due to this, annual income up to 5 lakh rupees was exempted from tax.
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