Interim Budget 2024-25-1

Interim Budget
2024-25
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Interim Budget
2024-25
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Interim Budget
2024-25

Interim Budget
2024-25
What is the Budget?
It is an Annual Financial statement of the estimated receipts and expenditure of the Government in a
Financial Year (which begins on 1st April of the current year and ends on 31st March of the following
year). Every year, the Finance Minister of India presents the Union Budget.
The Union Budget has two parts: The Annual Financial Statement and the Demand for Grants.
 The Annual Financial Statement provides a summary of the government's revenue for the
upcoming year.
 Demand for Grants includes an estimated expenditure from the Consolidated Fund that needs
to be submitted.
Until 2018, as a part of tradition, finance ministers carried the budget in a leather briefcase ‘Bahi
Khata’ (a ledger wrapped in red cloth) and now it replaced with Made in India tablet (paperless
budget) for the second consecutive year.
Union Budget of India also referred to as the Annual Financial Statement in Article 112 of the
Constitution of India. It will be on the first day of February. Until 2016 it was presented on the last
working day of February by the finance minister in Parliament.
Union Budget 2024-25

On February 1, 2024, the Budget session was held in Parliament under the chairmanship of Lok Sabha
Speaker Om Birla, in which the Union Finance Minister (FM) Nirmala Sitharaman presented the
Interim Budget/Vote on Account of India for 2025-2024.
This said to be India’s 4th paperless budget, it replaced the traditional ‘Bahi-Khata’ with a Made-in-
India tablet wrapped in a red-coloured cover with a national emblem emblazoned on it.
It was the 6th and 1st interim budget of the Narendra Modi-led National Democratic Alliance (NDA)
Government second term (from 2019-2024). This was also the 6th Budget presentation of Nirmala
Sitharaman since 2019.
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim
Union Budget 2024-25 in Parliament with the mantra of ‘Sabka Saath, Sabka Vikas, and Sabka
Vishwas’ and the whole of nation approach of “Sabka Prayas”.
It is an interim Budget for the new fiscal, FY25. The full Budget for the mentioned fiscal will be
introduced in July 2024, after a new government is formed following the upcoming general elections
in the first half of 2024.
The 2024 Union Budget goal was “Viksit Bharat” by 2047 (Developed India @2047)
Vision: Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all.
Vote on account:
Vote on account is the process where an outgoing government seeks interim permission from the
Parliament to withdraw funds from the Consolidated Fund of India and spend money on expenditures
and crucial government schemes for a few months until a new government is formed after the
elections. As defined by Article 116 of the Indian Constitution, vote on account is a grant in advance
for the Central government to meet short-term expenditure, generally lasting for a few months till the
new financial year starts.

Interim Budget
2024-25
Consolidated Fund:
Article 266 of the Indian Constitution defines the Consolidated Fund of India, which is where all the
revenue of the central government, be it from taxes, funds raised by loans and interest on loans, and a
portion of taxes from states, is Stored. It states that no money from the Consolidated Fund may be
withdrawn except under an appropriation undertaken by law, for which the Centre passes an
appropriation bill during the Union Budget.
Finance Minister Speech

Nirmala Sitharaman has presented interim budget 2024 for 58 minutes in Parliament and became her
shortest Budget speech.Finance Minister Nirmala Sitharaman is set to match the record of former
Prime Minister Morarji Desai as she presents her 6th Union Budget in February 2024.
Nirmala Sitharaman created a new record by surpassing the achievement of her predecessors,
including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented
five consecutive budgets.
India’s Fiscal Position

i.The Fiscal Deficit (FD) for Budget Estimate (BE) of 2024-25(FY25) is estimated to be 5.1% of GDP
(Gross Domestic Product) against 5.8% in the Revised Estimates (RE) for 2023-24.
 The government plans to stick to its financial strategy, as mentioned in the budget for 2021-22.
The goal is to decrease the fiscal deficit to less than 4.5 percent by the fiscal year 2025-26.
Fiscal Deficit (FD) is the adverse fiscal balance which is a difference between the Revenue Receipts
Plus Non-Debt Capital Receipts (NDCR) i.e. total of the non-debt receipts and the total expenditure.
 FD is reflective of the total borrowing requirement of Government.
ii.Nominal GDP for BE 2024-25 has been projected at 3,27,71,808 crore assuming 10.5 % growth
over the estimated Nominal GDP of `2,96,57,745 crore as per the First Advance Estimates of FY 2023-
24.
iii.Capital Expenditure (CapEx) outlay for 2024-25 is being increased by 11.1 per cent to eleven
lakh, eleven thousand, one hundred and eleven crore rupees (₹ 11,11,111 crore).This amounts to 3.4
per cent of GDP
iii.No changes are anticipated in taxation, and the current direct and indirect tax rates, along with
import duties, are proposed to be maintained.
iv. In the interim budget for FY25 presented in parliament, the central government plans to borrow
₹14.13 trillion from the bond markets to fund its fiscal deficit in 2024-25.
v.Monetary Policy Committee (MPC) maintained status quo on the policy repo rate at 6.5 per cent in
FY 2023-24 so far (till December 2023).
vi.The growth estimate of the Indian economy in FY 2023-24 is 7.3 per cent as per the National
Statistics office. For FY 2024-25 the RBI has forecast a growth of 7.0 per cent.

Interim Budget
2024-25
Budget 2024-25 (Rs crore)
Item Revised Estimates Budget Estimates (BE) % change (RE
(RE) 2023-24 (Rs 2024-25 (Rs crore) 2023-24 to BE
crore) 2024-25)
Total Receipts (other 27,55,713 30,80,274 +11.8%
than borrowings)
Revenue Receipts 26,99,713 30,01,275 +11.2%
Capital Receipts 56,000 79,000 +41.1%
Total Receipts 44,90,486 47,65,769 +6.1%
(including
borrowings)
Total Expenditure 44,90,486 cr 47,65,768 cr +6.1%
Revenue Expenditure 35,40,239 36,54,657 +3.2%
Capital Expenditure 9,50,246 cr 11,11,111 cr +16.9%
Fiscal Deficit (as % of 5.8% (17,34,773) 5.1% (16,85,494) -2.8%
GDP)
Revenue Deficit (as % 2.8 % (8,40,527) 2.0% (6,53,383) -22.3%
of GDP)
Primary Deficit (as % 2.3% (6,79,346) 1.5% (4,95,054) -27.1%
of GDP)
 Total Expenditure: The government is estimated to spend Rs 47,65,768 crore in 2024-25. This
is an increase of 6% over the revised estimate of 2023-24.
 In 2024-25, Capital expenditure is expected to increase by about 16.9% over the revised
estimates of 2023-24.
 Revenue expenditure is expected to increase by 3.2% over the revised estimates of
2023-24.
 Total Receipts: Government receipts (excluding borrowings) are estimated to be Rs 30,80,274
crore, 11.8% higher than the revised estimates of 2023-24.
 The gap between these receipts and the expenditure will be plugged by borrowings,
budgeted to be Rs 16,85,494 crore, 2.8% lower than the revised estimate of 2023-24.
 Transfer to states: The central government will transfer Rs 22,74,541 crore to states and
union territories in 2024-25, an increase of 8.4% over the revised estimates of 2023-24.
 Deficits: Revenue deficit is targeted at 2% of GDP, lower than the 2.9% budgeted in 2023-24.
Fiscal deficit is targeted at 5.1% of GDP in 2024-25, lower than the revised estimates for 2023-
24 (5.9% of GDP). The lower fiscal deficit is on account of receipts growing at 11.8%, which is
higher than the expenditure growth of 6%.
 GDP: The government has estimated a nominal GDP growth rate of 10.5% in 2024-25 (i.e., real
growth plus inflation).
Budgetary Allocations to Ministries:

In 2024-25, Ministry of Defence has the highest allocation in 2024-25, at Rs 6,21,541 crore. It
accounts for 13% of the total budgeted expenditure of the central government.

Interim Budget
2024-25
 Other ministries with high allocation include: (i) Road Transport and Highways (5.8% of total
expenditure), (ii) Railways (5.4%), and (iii) Consumer Affairs, Food and Public Distribution
(4.5%).
 The Agriculture Ministry got the lowest amount at ₹1.27 lakh crore.
Department of Economic Affairs (Ministry of Finance): R. 70,449 crore has been allocated to a new
item of expenditure ‘New Schemes’ (details not available). This accounts for about 84% of the
Department’s total allocation. The entire allocation is for capital expenditure.
Budgetary Allocations to Schemes:

Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has the highest
allocation in 2024-25 at Rs 86,000 crore. This amount is the same as the revised estimate for 2023-24.
In 2023-24, allocation on the scheme is estimated to increase by 43% over the budget estimate.
 The Pradhan Mantri Awas Yojana (PMAY) has the second highest allocation in 2024-25 at Rs
80,671 crore, an increase of 49.1% over the revised estimate of 2023-24.
 The Jal Jeevan Mission(JJM) has the third highest allocation in 2024-25 at Rs 70,163 crore, an
increase of 0.2% over the revised estimate of 2023-24.

Interim Budget
2024-25
BSNL gets capital infusion of ₹82,900 crore in Budget
In the 2024-25 Budget, the government has raised the capital infusion in the public-owned telecom
operator Bharat Sanchar Nigam Limited(BSNL) to ₹82,916 crore, compared to ₹52,937 crore in the
2023-24 period.
Rs 900 crore allocated for KHELO India

Finance Minister Nirmala Sitharaman allocates ₹900 crore for the KHELO India programme 2024-25
budget.
 KHELO India, a Central government initiative, focuses on enhancing sports culture at the
grassroots level was launched in 2018 by former Union Sports Minister Col. Rajyavardhan Singh
Rathore, it is officially known as the National Programme for Development of Sports.
Subsidies in 2024-25 (Rs crore)

In 2024-25, the total expenditure on subsidies is estimated to be Rs 4,09,723 crore, a decrease of 7%
from the revised estimate of 2023-24.
Part A
Roadmap to Viksit Bharat” by 2047 (Developed India @2047)

Social Justice
‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmers) are the four-pillars of
the Viksit Bharat Budget 2024.
Empowerment of women (Nari Sakthi)

 30 crore Mudra Yojana loans have been given to women entrepreneurs.
 Female enrolment in higher education increased by 28 per cent in 10 years.
 In STEM (science, technology, engineering, and math) courses, girls and women constitute
43 per cent of enrolment, one of the highest in the world.

Interim Budget
2024-25
 Making ‘Triple Talaq’ illegal,and and reserving one-third of seats for women in legislative
bodies.
 Over 70% of houses under PM Awas Yojana in rural areas are now owned by women.
 83 lakh self-help groups (SHGs) with nine crore women contribute to rural empowerment; the
target for 'Lakhpati Didi' is increased from 2 crore to 3 crore.
 According to data from the Centre for Monitoring Indian Economy (CMIE), the unemployment
rate has dropped for women from 14.9 per cent in December 2023 to 11 per cent in January
2024.
‘Garib Kalyan, Desh ka Kalyan’ (Below Poverty Line)

 Government assisted 25 crore people out of multi-dimensional poverty in last 10 years.
 Direct Benefit Transfer(DBT) of Rs. 34 lakh crore using Pradhan Mantri Jan-Dhan Yojana
(PMJDY) accounts led to savings of Rs. 2.7 lakh crore for the Government.
 Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme provided credit
assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.
 Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) Yojana to aid the
development of particularly vulnerable tribal groups (PVTG).
 PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in
18 trades.
Welfare of Annadata (Farmers)

 Under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers,
including marginal and small farmers.
 The PM Kisan Samman Nidhi Yojana provides financial assistance of Rs. 6000 per year to
small farmers in three installments. The three instalments of 2000 were given to farmers to
manage their Ministry of Agriculture and Farmer Welfare.
 Crop insurance is given to 4 crore farmers under Pradhan Mantri Fasal Bima Yojana (PMFBY).
 Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to
1.8 crore farmers with trading volume of Rs. 3 lakh crore.
Development of Youth
 1.4 crore youth trained under Skill India Mission.
 A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS
and 390 universities have been set up.
 43 crore loans sanctioned under PM Mudra Yojana to Youths.
 Increase in PM ScHools for Rising India (PM SHRI) Budget Allocation.
Strategy for Amrit Kaal
Sustainable Development
Green Energy - Commitment to meet ‘Net Zero’ by 2070
 Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.
 Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for
transport and piped natural gas (PNG) for domestic purposes to be mandated.

Interim Budget
2024-25
 New scheme of biomanufacturing and bio-foundry to be launched to support environment
friendly alternatives.
PM Awas Yojana (Grameen)

 Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen)
will be achieved soon.
 Two crore more houses to be taken up in the next five years.
Rooftop solarization and muft Bijli

The 'Rooftop Solarisation and Muft Bijli'(Free Electricity) initiative, in pursuit of 'net-zero' emissions by
2070.
 1 crore households to obtain 300 units free electricity every month through rooftop
solarization.
 Each household is expected to save Rs.15000 to Rs.18000 annually.
Ayushman Bharat
 Healthcare cover under Ayushman Bharat scheme to be extended to all Accredited Social Health
Activist (ASHA) workers, Anganwadi Workers and Helpers. The Ayushman Bharat, India's
primary universal health scheme, experienced a year-on-year outlay increase of 10 percent,
reaching ₹7,500 crore.
 Ayushman Bharat, or the PM Jan Arogya Yojana (PMJAY), provides families with an
annual cashless and paperless benefit cover of ₹5 lakh on a floater basis, accessible at
empanelled hospitals across India.
Health
 Encourage vaccination for girls in age group of 9 to 14 years for prevention of cervical cancer.
 Upgradation of Anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be
expedited for improved nutrition delivery, early childhood care and development.
 The newly designed U-WIN platform for managing immunization and intensified efforts of
Mission Indradhanush will be rolled out expeditiously throughout the country.
Agriculture and food processing

 Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh
employment.
 Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4
lakh SHGs and 60000 individuals with credit linkages.
 Application of Nano DAP on various crops will be expanded in all agro-climatic zones.
 Strategy will be formulated to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut,
sesame, soybean, and sunflower.
 Dairy Development- India is the world’s largest milk producer but with low productivity of
milch-animals. The programme will be built on the success of existing schemes such Rashtriya
Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy
processing and animal husbandry.
 Fisheries - Seafood export since 2013-14 has also doubled. Implementation of Pradhan Mantri
Matsya Sampada Yojana (PMMSY) will be stepped up to:

Interim Budget
2024-25
 enhance aquaculture productivity from existing 3 to 5 tons per hectare,
 double exports to 1 lakh crore
 Five integrated aquaparks will be setup.
Research and Innovation for catalyzing growth, employment and development

 A corpus of Rs.1 lakh crore to be established with 50-year interest free loan to provide long-
term financing or refinancing with long tenors and low or nil interest rates.
 A new scheme to be launched for strengthening deep-tech technologies for defence purposes
and expediting ‘atmanirbharta’.
Note*- 50-year interest-free loan: A loan suggests that the funds are provided with the expectation of
repayment. However, in this case, the loan comes with a unique feature of being interest-free, meaning
that the borrower is not required to pay any interest on the borrowed amount.
Infrastructure
Capital expenditure outlay for Infrastructure development and employment generation to be increased
by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.
Blue Economy 2.0
For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation
measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be
launched.
Railways
 3 major economic railway corridor programmes identified under the PM Gati Shakti to be
implemented to improve logistics efficiency and reduce cost
 Energy, mineral and cement corridors
 Port connectivity corridors
 High traffic density corridors
 Forty thousand normal rail bogies to be converted to Vande Bharat standards.
 Promotion of urban transformation via Metro rail and NaMo Bharat.
Aviation Sector
 Number of airports in the country doubled to 149.
 Five hundred and seventeen new routes are carrying 1.3 crore passengers.
 Indian carriers have placed orders for over 1000 new aircrafts.
Tourism sector
 States to be encouraged to take up comprehensive development of iconic tourist centres
including their branding and marketing at global scale.
 Framework for rating of the tourist centres based on quality of facilities and services to be
established.
 Long-term interest free loans to be provided to States for financing such development on
matching basis.
Investments
 Foreign Direct Investment (FDI) inflow during 2014-23 of USD 596 billion was twice of the
inflow during 2005-14.

Interim Budget
2024-25
Sovereign Gold Bond (SGB) in Budget 2024
In Budget 2024, the government aims to more than double the issuance of Sovereign Gold Bonds
(SGB) for the next fiscal year (FY25) to ₹3,500 crore, compared to ₹1,500 crore in the previous
financial year ending March 31, 2023.
i.The Budget estimate for the current fiscal year(FY24) remains at ₹1,500 crore, sustaining the
increase from ₹402 crore raised in the last fiscal year. Government is likely to issue sovereign green
bonds worth at least ₹20,000 crore as part of the borrowing programme for fiscal 2025 (FY25).
ii.The next issuance of Sovereign Gold Bonds is scheduled for subscription between February 12-16,
this financial instrument offers an eight-year tenure with the option for premature redemption after
the fifth year.
iii.The government has estimated 40-45 tonnes for Sovereign Gold Bonds (SGBs) in the interim
Budget.
 As per the Statement of Liabilities, for the current financial year's provision under SGB
liabilities is Rs 69,998 crore.
 For FY25, this provision has been increased to Rs 96,136 crore against the revised
estimate 2023-24, reflecting a significant rise of Rs 26,138 crore.
What is Sovereign Gold Bond (SGB)
i.The Government of India introduced the Sovereign Gold Bond (SGB) Scheme in November 2015 to
offer an alternative investment to physical gold.
ii.Sovereign Gold Bond (SGB), administered by the Reserve Bank of India, are government securities
denominated in grams of gold but substitutes for holding physical gold. Investors have to pay the
issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve
Bank of India on behalf of Government of India.
 The Bonds are issued in denominations of one gram of gold and in multiples thereof.
 Minimum investment in the Bond shall be one gram with a maximum limit of subscription
of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and
similar entities notified by the government from time to time per fiscal year (April –
March).
FINANCIAL AID TO MALDIVES, BHUTAN, & NEPAL

India will reduce financial assistance to the Maldives by 22%, with the majority share of aid directed
towards Bhutan and Nepal.
i.For the fiscal year 2024-25, India has brought down the developmental assistance to INR 600 crore.
Despite the reduction, the Maldives remains the third-highest recipient of foreign aid from the Indian
government.
ii.Bhutan and Nepal are the leading recipients of government grants, with Bhutan receiving INR
2068.56 crore and Nepal getting INR 700 crore for developmental assistance.
Divestment target for FY25 set to Rs 50,000 cr

In the interim budget for 2024-25, the government has set a disinvestment target of Rs 50,000 crore,
an increase from the revised estimate of Rs 30,000 crore in the current financial year(FY24).

Interim Budget
2024-25
Reforms in the States for ‘Viksit Bharat’
 A provision of Rs.75,000 crore rupees as 50-year interest free loan is proposed to support
milestone-linked reforms by the State Governments.
Rupee comes in and goes out:

Interim Budget
2024-25
Part B
Direct taxes
 FM proposes to retain same tax rates for direct taxes
 Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years
 Government to improve tax payer services
 Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10
withdrawn
 Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15
withdrawn
 This will benefit one crore tax payers
 Tax benefits to Start-Ups, investments made by Sovereign wealth funds or pension funds
extended to 31.03.2025
 Tax exemption on certain income of International Financial Services Centre (IFSC) units
extended by a year to 31.03.2025 from 31.03.2024
Indirect taxes
 FM proposes to retain same tax rates for indirect taxes and import duties
 Goods & Service Tax (GST) unified the highly fragmented indirect tax regime in India
 Average monthly gross GST collection doubled to Rs 1.66 lakh crore this year
 GST tax base has doubled
 State SGST revenue buoyancy (including compensation released to states) increased to
1.22 in post-GST period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13
to 2015-16)
 94% of industry leaders view transition to GST as largely positive
 GST led to supply chain optimization
 GST reduced the compliance burden on trade and industry
 Lower logistics cost and taxes helped reduce prices of goods and services, benefiting the
consumers
Tax rationalization efforts over the years

 No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14
 Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore
 Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh
 Corporate income tax decreased to 22% from 30% for existing domestic companies
 Corporate income tax rate at 15% for new manufacturing companies
Achievements in tax-payer services

 Average processing time of tax returns has reduced to 10 days from 93 days in 2013-14
 Faceless Assessment and Appeal introduced for greater efficiency
 Updated income tax returns, new form 26AS and prefilled tax returns for simplified return filing
 Reforms in customs leading to reduced Import release time
 Reduction by 47% to 71 hours at Inland Container Depots

Interim Budget
2024-25
 Reduction by 28% to 44 hours at Air Cargo complexes
 Reduction by 27% to 85 hours at Sea Ports
Tax Slabs as per Previous Budget (2023-2024)

Personal Income Tax slabs:
New tax regime New tax regime Old tax regime

(Revised) (Previous)
Income Slabs Income Tax Income Slabs Income Tax Income Income Tax
Rate Rate Slabs Rate
Rs 2.5 lakh Nil 0-2.5 lakh Nil

Rs 0-3 lakh Nil
Rs 2.5-5 lakh 5%
Rs 2.5-5 5%
Rs 3-6 lakh 5% Rs 5-7.5 lakh 10% lakh
Rs 6-9 lakh 10% Rs 7.5-10 lakh 15%

Rs 5 -10 20%
Rs 9-12 lakh 15% Rs 10-12.5 20% lakh
lakh
Rs 12-15 lakh 20% Rs 12.5-15 25%

lakh Above 10 30%
lakh
Above Rs 15 30% Above Rs 15 30%
lakh lakh
 Rebate: Under Budget 2023-24, tax rebate limit in the new tax regime was increased to Rs 7 lakhs from
Rs 5 lakhs
Surcharge on income-tax under both old regime and new regime:
Income slabs Surcharge on income-tax Surcharge on income-tax

(old tax regime) (new tax regime)
Above Rs 50 lakh up to Rs 1 crore 10% 10%
Above Rs 1 crore up to Rs 2 crore 15 % 15 %
Above Rs 2 crore and up to Rs 5 crore 25 %

25 %
Above Rs 5 crore 37%

Interim Budget
2024-25
 Surcharge on income-tax: Highest surcharge under the new tax regime has been reduced to
25% from 37% for people earning more than Rs 5 crore. No change in surcharge is proposed for
those who opt to be under the old regime.
 Rise in tax exemption limit: The limit of tax exemption on leave encashment (up to 10 months
of average salary) at the time of retirement of non-govt salaried employees was last fixed at Rs
3 lakh in the year 2002 when the highest basic pay in the govt was Rs 30,000.
In line with the increase in govt salaries, the limit was increased to Rs 25 lakh.
Overall Tax proposals:
Income Tax Slab Rates
Individuals below 60 years
Net Income Range Rate of Income-tax
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Senior citizens between 60 and 80 years
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Super senior citizens (80 years and above)
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Facts About Union Budget:

i.Under Article 112 of the Constitution of India, Union Budget is an Annual financial statement that
encompasses the receipt and expenditure of the Indian government, the information on the
Consolidated Fund of India, Contingency Fund of India and Public Accounts.

Interim Budget
2024-25
 Union Budget of India also referred to as the Annual Financial Statement in Article 112 of the
Constitution of India. It will be on the first day of February. Until 2016 it was presented on the last
working day of February by the finance minister in Parliament.
 But in 2017 Arun Jaitley (FM IN 2014) started presenting the Union Budget on February 1 departing
from the colonial-era tradition of using the last working day of February.
 The budget is presented by means of the financial bill and Appropriation bill which has to be passed by
the houses.
 The budget division of the department of economic affairs (DEA) in the finance ministry is the nodal
body responsible for producing the budget.
Note- Article 267 of the Constitution authorizes the existence of a Contingency Fund of India
ii.The list of Budget documents presented to the Parliament:

A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Finance Bill
D. Fiscal Policy Statements mandated under Fiscal Responsibility and Budget
Management Act(FRBM Act), Act:
i. Macro-Economic Framework Statement
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
I. Memorandum Explaining the Provisions in the Finance Bill
J. Output Outcome Monitoring Framework
K. Key Features of Budget 2024-25
L. Implementation of Budget Announcements, 2023-2024
The documents shown at Serial Nos. A, B, and C are mandated by Article 112,113 and 110 (a) of the
Constitution of India respectively, while the documents at Serial No. D (i) and (ii) are presented as per
the provisions of the Fiscal Responsibility and Budget Management Act, 2003.
iii.History of Budget:
 The Budget was first introduced in India on April 7, 1860, when Scottish economist and
politician James Wilson from the East India Company presented it to the British Crown.
 First Union budget of independent India was presented by India’s first finance minister R. K.
Shanmukham Chetty in 1947.
 First Indian governor of RBI who presented the Interim Budget In 1951-52 was C D Deshmukh
 First PM who presented the Union Budget Pandit was Jawaharlal Nehru in 1958-59.
 Black Budget – Union Budget 1973-74 is known as Black Budget of India as budget deficit rose
to Rs 550 crore.
 Until 2016, every year it is presented on the last working day of February by the Finance
Minister of India in Parliament.
 But after 2016 govt presents it on the first day of February.
 In 1959, Morarji Desai, the finance minister of India, presented the maximum number of
budgets so far i.e. 10.

Interim Budget
2024-25
 In 2017, Rail Budget was merged with the Union Budget.
 Nirmala Sitharaman in her first budget in 2019 replaced the leather briefcase carrying budget
documents with a traditional red cloth ‘bahi-khata’.
 Union Budget of 2021-22 was delivered in paperless form for the first time. A ‘Union Budget
Mobile App’ was also launched for hassle-free access of Budget documents by Members of
Parliament (MPs) and the general public.
 Every year, the government follows the annual tradition of organising a Halwa ceremony, days
before the Budget is presented in the Parliament. There is an occasion observed by the Ministry
of Finance, called Halwa ceremony, which marks the commencement of the Budget printing
process.
Key Terminologies:
i.Fiscal Deficit (FD): It is the adverse fiscal balance which is a difference between the Revenue
Receipts Plus Non-Debt Capital Receipts (NDCR) i.e., total of the non-debt receipts and the total
expenditure.
 FD is reflective of the total borrowing requirement of govt.
ii.Revenue Deficit (RD): It refers to the excess of revenue expenditure over revenue receipts.
iii.Effective Revenue Deficit (ERD): It is the difference between Revenue Deficit and Grant-in-Aid for
Creation of Capital Assets.
iv.Primary Deficit: It is measured as Fiscal Deficit less interest payments. Effective Capital
Expenditure (Eff-Capex) refers to the sum of Capital Expenditure and Grants-in-Aid for the Creation of
Capital Assets.

Interim Budget
2024-25
Question & Answer
1.What is the estimated Fiscal Deficit (FD) for the Budget Estimate of 2024-25
(FY25) as a percentage of GDP?
1) 5.8%
2) 5.1%
3) 4.5%
4) 5.5%
5) 6.0%
Answer - 2) 5.1%
Explanation –
The Fiscal Deficit (FD) for Budget Estimate (BE) of 2024-25(FY25) is estimated to be 5.1% of GDP
2. What is the target set by the government regarding the Fiscal Deficit (FD) by
the fiscal year 2025-26?
1) Decrease to 4.5%
2) Maintain at 5.1%
3) Increase to 5.8%
4) Increased to 4.8%
5) No specific goal mentioned
Answer - 1) Decrease to 4.5%
Explanation –
The Fiscal Deficit (FD) for Budget Estimate (BE) of 2024-25(FY25) is estimated to be 5.1% of GDP
3.What is the percentage growth assumed for Nominal GDP from FY 2023-24 to
BE 2024-25?
1) 9.5%
2) 10.5%
3) 11.5%
4) 12.5%
5) 8.5%
Answer: 2) 10.5%
Explanation –
Nominal GDP for BE 2024-25 has been projected at 3,27,71,808 crore assuming 10.5 % growth over
the estimated Nominal GDP of `2,96,57,745 crore as per the First Advance Estimates of FY 2023-24.

Interim Budget
2024-25
4.Answer the below questions
i. By what percentage is the Capital Expenditure (CapEx) outlay increased in the
Budget 2024-25? and
ii. What is the CapEx outlay as a percentage of GDP for 2024-25?
1) 9.8% and 4.6 %
2) 10.1% and 3.6 %
3) 11.1% and 3.4 %
4) 12.5% and 2.6 %
5) 8.7% and 4.3 %
Answer: 3) 11.1% and 3.4 %
Explanation :-
Capital Expenditure (CapEx) outlay for 2024-25 is being increased by 11.1 per cent to eleven lakh,
eleven thousand, one hundred and eleven crore rupees (₹ 11,11,111 crore).This amounts to 3.4
percent of GDP.
5. What is the percentage change in Total Receipts (other than borrowings) from
Revised Estimates (RE) 2023-24 to Budget Estimate(BE) 2024-25?
1) -10.8%
2) +11.8%
3) +15.0%
4) -5.5%
5) +8.2%
Answer- 2) +11.8%
Explanation :-
Item RE 2023-24 (Rs BE 2024-25 (Rs % change (RE 2023-24 to
crore) crore) BE 2024-25)
Total Receipts (other than 27,55,713 30,80,274 +11.8%

borrowings)
6.Which ministry has received the highest allocation in Budget 2024-25?

1) Ministry of Finance
2) Ministry of Defence
3) Ministry of Agriculture
4) Ministry of Health
5) Ministry of Education
Answer - 2) Ministry of Defence
Explanation:-
In 2024-25, the Ministry of Defence had the highest allocation in 2024-25, at Rs 6,21,541 crore.
Other ministries with high allocation include: (i) Road Transport and Highways (5.8% of total
expenditure), (ii) Railways (5.4%), and (iii) Consumer Affairs, Food and Public Distribution (4.5%).
 The Agriculture Ministry got the lowest amount at ₹1.27 lakh crore.

Interim Budget
2024-25
7. What percentage of the total budgeted expenditure does the Ministry of
Defence account for in 2024-25?
1) 10%
2) 20%
3) 15%
4) 8%
5) 13%
Answer- 5) 13%
Explanation: -
In 2024-25, the Ministry of Defence had the highest allocation in 2024-25, at Rs 6,21,541 crore. It
accounts for 13% of the total budgeted expenditure of the central government.
8.Which scheme has the highest allocation in the budget of 2024-25?

1) PM-KISAN (Pradhan Mantri Kisan Samman Nidhi)
2) Jal Jeevan Mission(JJM)
3) Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
4) Pradhan Mantri Fasal Bima Yojana (PMFBY)
5) Pradhan Mantri Awas Yojana (PMAY)
Answer - 3) Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
Explanation -
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has the highest
allocation in 2024-25 at Rs 86,000 crore. This amount is the same as the revised estimate for 2023-
24. In 2023-24, allocation on the scheme is estimated to increase by 43% over the budget estimate.
 The Pradhan Mantri Awas Yojana (PMAY) has the second highest allocation in 2024-25 at Rs
80,671 crore, an increase of 49.1% over the revised estimate of 2023-24.
 The Jal Jeevan Mission(JJM) has the third highest allocation in 2024-25 at Rs 70,163 crore, an
increase of 0.2% over the revised estimate of 2023-24.
9. According to the Budget for 2024-25, which government scheme provided Crop
insurance to 4 crore farmers?
1) Pradhan Mantri Jan Dhan Yojana(PMJDY)
2) PM Kisan Samman Nidhi Yojana
3) Ayushman Bharat
4) Pradhan Mantri Fasal Bima Yojana (PMFBY)
5) National Food Security Act (NFSA)
Answer- 4) Pradhan Mantri Fasal Bima Yojana (PMFBY)
Explanation:-
Welfare of Annadata (Farmers) - Crop insurance is given to 4 crore farmers under Pradhan Mantri
Fasal Bima Yojana (PMFBY).

Interim Budget
2024-25
10.According to the Budget for 2024-25, under PM-KISAN SAMMAN Yojana, direct
financial assistance is provided to 11.8 crore farmers, including marginal and
small farmers.
Under the PM Kisan Samman Nidhi Yojana, how much financial assistance is
provided to small farmers per year?
1) Rs.1000
2) Rs.4000
3) Rs.5000
4) Rs.6000
5) Rs.8000
Answer- 4) Rs.6000
Explanation –
Under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers,
including marginal and small farmers.
 PM Kisan Samman Nidhi Yojana is going on under which small farmers can get financial
assistance of Rs.6000 in the year in three installments.
 The three installments of 2000 were given to farmers to manage their Ministry of Agriculture
and Farmer Welfare.
11.Under the 'Rooftop Solarisation and Muft Bijli' initiative mentioned in Budget
2024-25,
i. What does the term 'Muft Bijli' refer to in the context of the initiative? and
ii. How many units of free electricity will one crore households obtain every
month through rooftop solarization initiative?
1) Net-zero emissions and 100 units
2) Energy-efficient appliances and 500 units
3) Solar panels and 400 units
4) Free electricity and 300 units
5) Clean energy and 200 units
Answer -4) Free electricity and 300 units
Explanation -
The 'Rooftop Solarisation and Muft Bijli(Free Electricity)' initiative, in pursuit of 'net-zero'
emissions by 2070.One crore households to obtain 300 units free electricity every month through
rooftop solarization.
12. What is the proposed corpus amount for Research and Innovation in Budget
2024-25?
1) Rs.50,000 crore
2) Rs.75,000 crore
3) Rs.1 lakh crore
4) Rs.1.5 lakh crore
5) Rs.2 lakh crore

Interim Budget
2024-25
Answer- 3) Rs.1 lakh crore
Explanation-
Research and Innovation for catalyzing growth, employment and development ·
 A corpus of Rs.1 lakh crore to be established.
 A new scheme to be launched for strengthening deep-tech technologies for defence purposes
and expediting ‘atmanirbharta’.
13. According to the budget 2024-25, how is the Research and Innovation corpus
intended to be funded?
1) 50-year interest-bearing grant
2) 25-year interest-free loan
3) 50-year interest-free loan
4) 10-year interest-bearing loan
5) Direct government funding
Answer: 3) 50-year interest-free loan
Explanation :-
Research and Innovation for catalyzing growth, employment and development
 A corpus of Rs.1 lakh crore to be established with 50-year interest free loan to provide long-
term financing or refinancing with long tenors and low or nil interest rates.
50-year interest-free loan: A loan suggests that the funds are provided with the expectation of
repayment. However, in this case, the loan comes with a unique feature of being interest-free,
meaning that the borrower is not required to pay any interest on the borrowed amount.
14. How many normal rail bogies (railway trucks) are planned to be converted to
Vande Bharat standards in Budget 2024-25?
1) 10,000
2) 20,000
3) 30,000
4) 40,000
5) 50,000
Answer- 4) 40,000
Explanation –
Railways in Budget 2024-25
i.3 major economic railway corridor programmes identified under the PM Gati Shakti to be
implemented to improve logistics efficiency and reduce cost.
ii.Forty thousand normal rail bogies to be converted to Vande Bharat standards.
15. Reforms in the States for ‘Viksit Bharat’ in Budget 2024-25.

i.What financial provision has been made in Budget 2024-25 to support
milestone-linked reforms by State Governments under 'Viksit Bharat'?,and
ii.For how many years is the interest-free loan proposed in Budget 2024-25 to
support state-level reforms under 'Viksit Bharat'?
1) Rs.70,000 crore and 25 years

Interim Budget
2024-25
Answer- 2) Rs.75,000 crore and 50 years
Explanation:-
Reforms in the States for ‘Viksit Bharat’
A provision of Rs.75,000 crore rupees as 50-year interest free loan is proposed to support
milestone-linked reforms by the State Governments.
16. What is the year-on-year increase in the outlay for Ayushman Bharat or the
PM Jan Arogya Yojana (PMJAY), in Budget 2024-25?
1) 5 percent
2) 7 percent
3) 10 percent
4) 12 percent
5) 15 percent
Answer- 3) 10 percent
Explanation:-
Ayushman Bharat in Budget 2024-25
Healthcare cover under Ayushman Bharat scheme to be extended to all Accredited Social Health
Activist (ASHA) workers, Anganwadi Workers and Helpers.The Ayushman Bharat, India's primary
universal health scheme, experienced a year-on-year outlay increase of 10 percent, reaching ₹7,500
crore.
 Ayushman Bharat, or the PM Jan Arogya Yojana (PMJAY), provides families with an annual
cashless and paperless benefit cover of ₹5 lakh on a floater basis, accessible at empanelled
hospitals across India.
17.What is the government's target for Sovereign Gold Bond (SGB) issuance in the
next fiscal year (FY25), as per Budget 2024-25?
1) Rs.1,000 crore
2) Rs.2,000 crore
3) Rs.2,500 crore
4) Rs.3,000 crore
5) Rs.3,500 crore
Answer- 5) Rs.3,500 crore
Explanation :-
In Budget 2024-25, the government aims to more than double the issuance of Sovereign Gold Bonds
(SGB) for the next fiscal year (FY25) to Rs. 3,500 crore, compared to Rs. 1,500 crore in the previous
financial year ending March 31, 2023.

Interim Budget
2024-25
18. What is the maximum limit of subscription for trusts and similar entities in
the Sovereign Gold Bond (SGB) per fiscal year according to the Government of
India?
1) 5 kg
2) 10 kg
3) 15 kg
4) 20 kg
5) 25 kg
Answer- 4) 20 kg
Explanation :-
Sovereign Gold Bonds (SGB), administered by the Reserve Bank of India, are government securities
denominated in grams of gold but substitutes for holding physical gold. Investors have to pay the
issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve
Bank of India on behalf of Government of India.
 The Bonds are issued in denominations of one gram of gold and in multiples thereof.
 Minimum investment in the Bond shall be one gram with a maximum limit of subscription of 4
kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar
entities notified by the government from time to time per fiscal year (April – March).
19. How much has the government increased the allocation for organic fertilizers
in Budget 2024-25 compared to the previous allocation?
1) 5 times
2) 8 times
3) 11 times
4) 16 times
5) 20 times
Answer- 4) 16 times
Explanation-
The government increases the allocation for organic fertilizers by 16 times in Budget 2024-25.The
launching of nano di-ammonia phosphate (nano-DAP) could eventually lead the government to
significantly reduce subsidies on phosphatic fertilizers.
 A new scheme for promotion of organic fertilizers providing Market Development Assistance
(MDA) and promotion of Research and Development as GOBARdhan initiatives, was introduced
in 2023.
20. What is the percentage, India’s reduction and revised financial assistance to
the Maldives as per the information provided in Budget 2024-25?
1) 12% and INR 200 crore
Answer- 4) 22% and INR 600 crore

Interim Budget
2024-25
Explanation :-
Financial Aid to Maldives, Bhutan, & Nepal in Budget 2024-25
India will reduce financial assistance to the Maldives by 22%, with the majority share of aid directed
towards Bhutan and Nepal.
i.For the fiscal year 2024-25, India has brought
down the developmental assistance to INR 600 crore. Despite the reduction, the
Maldives remains the third-highest recipient of foreign aid from the Indian
government.
ii.Bhutan and Nepal are the leading recipients of
government grants, with Bhutan receiving INR 2068.56 crore and Nepal getting
INR 700 crore for developmental assistance.
21. What is the disinvestment target set by the government for the fiscal year
2024-25 as per the interim budget?
1) Rs 30,000 crore
2) Rs 40,000 crore
3) Rs 50,000 crore
4) Rs 60,000 crore
5) Rs 70,000 crore
Explanation-
In the interim budget for 2024-25, the government has set a disinvestment target of Rs 50,000
crore, an increase from the revised estimate of Rs 30,000 crore in the current financial year(FY24).
22. What is the increased capital infusion in Bharat Sanchar Nigam Limited
(BSNL) in the 2024-25 Budget?
1) Rs.32,937 crore
2) Rs.52,937 crore
3) Rs.62,916 crore
4) Rs.72,916 crore
5) Rs.82,916 crore
Explanation :-
In the 2024-25 Budget, the government has raised the capital infusion in the public-owned telecom
operator Bharat Sanchar Nigam Limited (BSNL) to Rs.82,916 crore, compared to Rs.52,937 crore in
the 2023-24 period.
 The capital infusion for BSNL in the 2024-25 Budget saw a 30% increase compared to the
2023-24 period.
23.What is the allocated budget for the KHELO India programme in the 2024-25
budget?
1) Rs.900 crore
2) Rs.700 crore

Interim Budget
2024-25
3) Rs.500 crore
4) Rs.1,000 crore
5) Rs.1,200 crore
Answer- 1) Rs.900 crore
Explanation –
Finance Minister Nirmala Sitharaman allocated Rs. 900 crore for the KHELO India programme in
2024-25 budget.
 KHELO India, a Central government initiative, focuses on enhancing sports culture at the
grassroots level was launched in 2018 by former Union Sports Minister Col. Rajyavardhan
Singh Rathore, it is officially known as the National Programme for Development of Sports.
24. For which period and amount are outstanding direct tax demands withdrawn
by the government in the recent announcement under Budget 2024-25?
1) Upto FY 2015-16, Rs 15,000
2) Upto FY 2014-15, Rs 10,000
3) Upto FY 2010-11, Rs 25,000
4) Upto FY 2009-10, Rs 25,000
5) Upto FY 2016-17, Rs 20,000
Answer- 4) Upto FY 2009-10, Rs 25,000
Explanation:-
Direct taxes – Finance Minister Nirmala Sitharaman proposes to retain the same tax rates for direct
taxes.Government to improve taxpayer services.
 Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10
withdrawn.
25.What is the maximum outstanding direct tax demand amount withdrawn for
financial years 2010-11 to 2014-15?
1) Rs 5,000
2) Rs 10,000
3) Rs 15,000
4) Rs 20,000
5) Rs 25,000
Answer- 2) Rs 10,000
Explanation :-
Direct taxes – Finance Minister Nirmala Sitharaman proposes to retain the same tax rates for direct
taxes.
Government to improve taxpayer services
Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn.
26. Until which date have tax benefits for Start-Ups and investments by Sovereign
wealth funds or pension funds been extended, as per the budget for the fiscal
year 2024-25?
1) 30.04.2024

Interim Budget
2024-25
2) 31.03.2024
3) 31.03.2025
4) 31.12.2024
5) 01.01.2025
Answer- 3) 31.03.2025
Explanation
According to the Finance Minister Nirmala Sitharaman announcement in Budget 2024-25, tax benefits
to Start-Ups, investments made by Sovereign wealth funds or pension funds extended to 31.03.2025.
27. Until which date has the tax exemption on certain income of GIFT City's
International Financial Services Centre (IFSC) units been extended, according to
the announcement in Budget 2024-25?
1) 30.04.2024
2) 01.01.2025
3) 31.03.2024
4) 31.03.2025
5) 31.12.2024
Answer- 4) 31.03.2025
Explanation-
According to the Finance Minister Nirmala Sitharaman announcement in Budget 2024-25,tax
exemption on certain income of GIFT City's International Financial Services Centre (IFSC) units
extended by a year to 31.03.2025 from 31.03.2024.
28.What is the current average processing time for tax returns, as per the latest
Budget 2024-25?
1) 5 days
2) 10 days
3) 15 days
4) 20 days
5) 30 days
Answer - 2) 10 days
Explanation -
Achievements in tax-payer services
 As per the Budget 2024-25 updates, average processing time of tax returns has reduced to 10
days. Specifically, the processing time has reduced to 10 days, a notable improvement from the
93 days it took in the fiscal year 2013-14.
29. What constitutional provision defines the concept of "vote on account" in the
Indian context?
1) Article 116
2) Article 93
3) Article 201
4) Article 124

Interim Budget
2024-25
5) Article 144
Answer- 1) Article 116
Explanation –
Vote on account is the process where an outgoing government seeks interim permission
from the Parliament to withdraw funds from the Consolidated Fund of India and spend
money on expenditures and crucial government schemes for a few months until a new
The government is formed after the elections. As defined by Article 116 of the Indian Constitution,
vote on account is a grant in advance for the Central government to meet short-term expenditure,
generally lasting for a few months till the new financial year starts.
30. What does Article 266 of the Indian Constitution define?

1) Budget allocations
2) Economic policies
3) Consolidated Fund of India
4) Tax rates
5) Government expenditures
Answer - 3) Consolidated Fund of India
Explanation –
Consolidated Fund:
Article 266 of the Indian Constitution defines the Consolidated Fund of India, which is
where all the revenue of the central government, be it from taxes, funds raised by loans
and interest on loans, and a portion of taxes from states, is Stored. It states that no
money from the Consolidated Fund may be withdrawn except under an appropriation
undertaken by law, for which the Centre passes an appropriation bill during the Union
Budget.
31. Under the new tax scheme, there is now no tax liability for taxpayers with
income up to____________, up from Rs 2.2 lakh in the financial year 2013-14.
1) Rs 11 lakh
2) Rs 8 lakh
3) Rs 10 lakh
4) Rs 7 lakh
5) Rs 9 lakh
Answer- 4) Rs 7 lakh
Explanation:
Tax rationalization efforts over the years
 No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14
 Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore
 Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh
32. What is the rate of tax for Personal Income tax slab (New tax regime) between
the income of Rs 3 Lakh to Rs 6 Lakh for 2024-25 ?
1) 10%

Interim Budget
2024-25
2) 20%
3) 5%
4) 30%
5) 15%
Answer- 3) 5%
Explanation:
New Tax Regime (Revised)
Income Slabs Income Tax Rate
Rs 0-3 lakh Nil
Rs 3-6 lakh 5%
Rs 6-9 lakh 10%
Rs 9-12 lakh 15%
Rs 12-15 lakh 20%
Above Rs 15 lakh 30%
33. What is the rate of tax for Personal Income tax slab (New tax regime) between
the income of Rs 9 Lakh to Rs 12 Lakh for 2024-25 ?
1) 15%
2) 20%
3) 10%
4) 30%
5) 5%
Answer- 1) 15%
Explanation:
New Tax Regime (Revised)
Income Slabs Income Tax Rate
Rs 0-3 lakh Nil
Rs 3-6 lakh 5%
Rs 6-9 lakh 10%
Rs 9-12 lakh 15%
Rs 12-15 lakh 20%

Interim Budget
2024-25
Above Rs 15 lakh 30%
34. The Highest surcharge under the new tax regime has been reduced
to ________________ form 37% for people earning more than Rs 5 crore in the new
tax regime.
1) 10%
2) 15%
3) 35%
4) 25%
5) 30%
Answer- 4) 25%
Explanation:
Surcharge on income-tax: Highest surcharge under the new tax regime has been reduced to 25% from
37% for people earning more than Rs 5 crore. No change in surcharge is proposed for those who opt
to be under the old regime.
35. What is the rate of tax for Income tax slabs (Senior citizens between 60 and
80 years) between the income of Rs 3 Lakh to Rs 5 Lakh for 2024-25 ?
1) 20%
2) 5%
3) 10%
4) 30%
5) 15%
Answer- 2) 5%
Explanation:
Income Tax Slab Rates
Individuals below 60 years
Net Income Range Rate of Income-tax
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%

Interim Budget
2024-25
Above Rs. 10,00,000 30%
Senior citizens between 60 and 80 years
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Super senior citizens (80 years and above)
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
36. In which Article of Indian Constitution, the Union Budget is referred as the
Annual Financial Statement (AFS)?
1) Article 110
2) Article 111
3) Article 100
4) Article 114
5) Article 112
Answer- 5) Article 112
Explanation:
Under Article 112 of the Constitution of India, the Union Budget is an Annual financial statement that
encompasses the receipt and expenditure of the Indian government, the information on the
Consolidated Fund of India, Contingency Fund of India and Public Accounts.

Interim Budget
2024-25
 Union Budget of India also referred to as the Annual Financial Statement in Article 112 of the
Constitution of India. It will be on the first day of February. Until 2016 it was presented on the
last working day of February by the finance minister in Parliament.
37. Who presented the first budget for India in 1860 (Pre independence)?
1) Franklin Allen
2) Christopher Allsopp
3) Sir Alison
4) James Wilson
5) Julia Aglionby
Answer- 4) James Wilson
Explanation:
The Budget was first introduced in India on April 7, 1860 when Scottish economist and politician
James Wilson from East India Company presented it to the British Crown.
38. The 1st Budget of Independent India was presented on 26th November ______
(year) by ___________.
1) 1950; Moraji Desai
2) 1950; Jawaharlal Nehru
3) 1947; R K Shanmukham Chetty
4) 1949; John Mathal
5) 1947; C D Deshmukh
Answer- 3) 1947; R K Shanmukham Chetty
Explanation:
The first Budget of Independent India was presented on November 26, 1947, by India's 1st finance
minister R K Shanmukham Chetty.
39. In which year Finance Minister (FM) Nirmala Sitharaman replaced the leather
briefcase carrying budget documents with a traditional red cloth ‘bahi-khata’?
1) 2020
2) 2022
3) 2019
4) 2023
5) 2021
Answer- 3) 2019
Explanation:
Nirmala Sitharaman in her first budget in 2019 replaced the leather briefcase carrying budget
documents with a traditional red cloth ‘bahi-khata’.
40. Which of the following finance ministers of India, has presented the
maximum number of budgets?
1) Morarji Desai
2) T.T. Krishnamachari

Interim Budget
2024-25
3) Manmohan Singh
4) Nirmala Sitharaman
5) P. Chidambaram
Answer- 1) Morarji Desai
Explanation:
In 1959, Morarji Desai, the finance minister of India, presented the maximum number of budgets so
far i.e. 10.
i. In 2017, the Rail Budget was merged with the Union Budget.
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Interim Budget
2024-25

Interim Budget
2024-25

Interim Budget
2024-25

Interim Budget
2024-25

Interim Budget 2024-25-1

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Interim Budget 2024-25-1

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Interim Budget

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2024 @ AffairsCloud.com 1

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Suggestions & Feedback are welcomed

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Union Budget 2024-25

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Finance Minister Speech

India’s Fiscal Position

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Budgetary Allocations to Ministries:

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Budgetary Allocations to Schemes:

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Rs 900 crore allocated for KHELO India

Subsidies in 2024-25 (Rs crore)

Roadmap to Viksit Bharat” by 2047 (Developed India @2047)

Empowerment of women (Nari Sakthi)

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‘Garib Kalyan, Desh ka Kalyan’ (Below Poverty Line)

Welfare of Annadata (Farmers)

Strategy for Amrit Kaal

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PM Awas Yojana (Grameen)

Rooftop solarization and muft Bijli

Agriculture and food processing

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Research and Innovation for catalyzing growth, employment and development

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FINANCIAL AID TO MALDIVES, BHUTAN, & NEPAL

Divestment target for FY25 set to Rs 50,000 cr

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Rupee comes in and goes out:

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Tax rationalization efforts over the years

Achievements in tax-payer services

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Tax Slabs as per Previous Budget (2023-2024)

New tax regime New tax regime Old tax regime

Rs 2.5 lakh Nil 0-2.5 lakh Nil

Rs 6-9 lakh 10% Rs 7.5-10 lakh 15%

Rs 12-15 lakh 20% Rs 12.5-15 25%

Surcharge on income-tax under both old regime and new regime:

Income slabs Surcharge on income-tax Surcharge on income-tax

Above Rs 50 lakh up to Rs 1 crore 10% 10%

Above Rs 1 crore up to Rs 2 crore 15 % 15 %

Above Rs 2 crore and up to Rs 5 crore 25 %

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Overall Tax proposals:

Income Tax Slab Rates

Individuals below 60 years

Net Income Range Rate of Income-tax

Up to Rs. 2,50,000 Nil

Rs. 2,50,000 to Rs. 5,00,000 5%

Rs. 5,00,000 to Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Senior citizens between 60 and 80 years

Up to Rs. 3,00,000 Nil

Rs. 3,00,000 to Rs. 5,00,000 5%

Rs. 5,00,000 to Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Super senior citizens (80 years and above)