The interim budget will be presented at 11 am today, no big announcements are likely this time, know which people will benefit

Today i.e. on February 1, Finance Minister Nirmala Sitharaman will present the budget for 2024-25. 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.

Major policy changes are not allowed in the interim budget
In the interim budget, the government is not allowed to make any major policy changes that could sway 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 Rs 5 lakh became tax free.

This time there may be 3 announcements in the budget.

1. Kisan Samman Nidhi amount can be from 6 thousand to 8 thousand.
The amount received under Kisan Samman Nidhi can be increased from 6 thousand rupees to 8 thousand rupees. Currently, under this scheme, small and marginal farmers are given three installments of Rs 2,000 in a year. In the budget, this amount can be increased from Rs 6,000 to Rs 12,000 annually for women farmers.

2. The tax exemption limit of section 80C can be 2.5 lakh rupees
This time, the government can increase the tax exemption under Section 80C of the Income Tax to Rs 2.5 lakh. EPF, PPF, Equity Linked Savings Scheme, Sukanya Samriddhi Yojana, Rashtriya Bachat Certificate, 5 year FD, National Pension System and Senior Citizen Savings Scheme come under Section 80C of Income Tax.

3. Insurance cover under Ayushman Yojana can be 10 lakh rupees
The government may double the insurance cover to Rs 10 lakh under its Ayushman Bharat Yojana. Its full name is Bharat Pradhan Mantri Jan Arogya Ayushman Yojana. It was launched in 2018. This scheme provides health protection to the low income class citizens of the country. Currently, free treatment up to Rs 5 lakh is available under this scheme.

What is full and interim budget?
The Union Budget is the annual financial account of the country. In other words, a budget is an estimated statement of government revenue and expenditure for a particular year.

Through the budget, the government tries to decide how much it can spend in the coming financial year compared to its earnings. The government has to present the budget at the beginning of every financial year. The period of financial year in India is from 1st April to 31st March.

Whereas the interim budget provides funds to the government to run the country until the full budget is announced after the general elections are decided and the new government is formed. The interim budget period is not authorized. Officially it is called Vote on Account.