Union Budget 2025: Prime Minister Narendra Modi The NDA government of Narendra Modi’s third term is going to start the exercise of presenting the budget for the financial year 2025-26 from the second week of October 2024. A round of pre-budget meetings will begin under the chairmanship of the Secretary Expenditure of the Finance Ministry. The Department of Economic Affairs has given this information through a circular.
Pre-budget meetings from the second week of October
The circular of the Budget Division of the Department of Economic Affairs states that the Expenditure Secretary of the Finance Ministry will chair the pre-budget meetings from the second week of October 2024. In the circular, financial advisors of all departments and departments have been asked to submit the budget-related data to the Union Budget Information System (UBIS) before 7 October 2024.
Nirmala Sitharaman will present the 8th budget
Finance Minister Nirmala Sitharaman will present the budget for the financial year 2025-26 for the eighth consecutive time on February 1, 2025. Nirmala Sitharaman will be the first Finance Minister to present the budget for eight consecutive times. According to the circular, the financial year 2025-26 is the last year of the 15th Finance Commission cycle. In such a situation, ministries and departments have been told that whatever allocation they demand for 2025-26 should be within the period of existing schemes and the available approval. The Budget Division under the Department of Economic Affairs of the Finance Ministry has sought inputs from all ministries and departments regarding the budget for 2025-26. The Finance Ministry has asked these ministries and departments to submit their inputs by October 7, 2024. Union Territories have also been asked to give their suggestions regarding the budget.
Announcement of new income tax code possible
It is possible that the new Income Tax Code may be announced in the budget presented for the financial year 2025-26. The Finance Minister has announced a review of the old Income Tax Act while presenting the budget on 23 July 2024. In such a situation, taxpayers will be looking at what decision the Finance Minister takes in the budget regarding the old Income Tax Act after the support received for the new Income Tax regime? There is every possibility that a large allocation for capital expenditure may be announced for the financial year 2025-26 so that the country’s infrastructure can be further strengthened and employment opportunities can be increased.
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