Nirmala Sitharaman says the Interim Budget is premised on the Modi Government’s performance in the last 10 years and the mantra of sabka saath, sabka vikas.
RK Shanmukham Chetty was the first Finance Minister to present India s interim budget in 1947. HN Bahuguna and KC Neogy are the only two Finance Ministers in India s history who did not present any Union Budget due to their short tenures.
The Interim Budget is presented by the finance minister. While the finance minister of India in 2019 was the Late Mr Arun Jaitley, the previous Interim Budget was presented by Piyush Goyal in lieu of Mr Jaitley’s ill health. Budget 2024: Who Presented Modi Government’s Last Interim Budget? All You Need To Know.
Income tax is a key source of revenue for the government and is used to fund public services, infrastructure, and various welfare programs. In India, income tax is typically calculated as a percentage of an individual's or entity's taxable income, and the rates may vary based on the income level and the nature of the income. Budget 2024-25: Key Income Tax Rules That Taxpayers Should Know Ahead of Interim Budget.
In FY24, the Government allocated about 1.9% of the total Union Budget to the Agriculture and Allied sector, and about 1.3% was designated to support small and marginal farmers through the PM KISAN Yojana.