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Key Interim Budget Announcements - 2024

➡ New solar power schemes launched by PM Modi recently would lead to saving of INR15,000-18,000 per households annually who install roof top solar panels. 1cr households will be enabled to get 300units per month fully free.

➡ PM Awas Yojana Grameen: Close to achieving target of 3 cr homes; 2 cr more homes planned due to growing need.

➡ Ayushmaan Bharat to cover all worker under ASHA and Anganwadi scheme.

➡ Government to launch a scheme to help deserving sections of the middle class living in rented houses or slums or chawls and unauthorized colonies to buy or build their own houses - Likely positive for Steel, Cement and Building material.

➡ Corpus of 1 lakh crore to be established with 50-year interest free loans for sunrise domains.

➡ Railway corridor-port connectivity under DFC - More than 2 corridors to be set up. Also, 3 more rail corridors for Energy, cement and mineral to be added, apart from DFC.

➡ 40,000 rail bogies to be converted to Vande Bharat standards.

➡ The capex target of FY25 has been set at Rs 11.1 lakh crore, up by 11.1%. FY25 capex outlay at 3.4% of GDP.

➡ Govt plans to set up more medical colleges by using existing hospital infrastructure and a committee for this will be set up to examine and make necessary recommendation.

➡ Tourist center development - states to be encouraged to take up development of tourist centers- long term interest free loans to provide for states

➡ More metro trains & Namo Bharat trains to be expanded to more cities.

➡ Revised estimate of fiscal deficit is 5.8% of GDP. FY25 BUDGET-DEFICIT TARGET AT 5.1% OF GDP

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Following due dates have been extended as far as income tax compliances for AY 2021-22 are concerned :

1. Due date for TDS return quarter 4 for FY 20-21 is 30th June 2021 earlier it was 31st May 2021

2. Due date to file return of income u/s 139(1) has been extended to 30th September 2021 for those assesses who were supposed to file return of income on or before 31st July 2021 (Non Audit Cases)

3. Due date to file return of income u/s 139(1) has been extended to 30th November 2021 for those assesses who were supposed to file return of income on or before 31st October 2021 (Audit Cases)

4. Due date to file return of income u/s 139(1) has been extended to 31st December 2021 for those assesses who were supposed to file return of income on or before 30th November (Transfer Pricing Cases)

5. The due date to file tax audit report has been extended to 31st October 2021 for those assesses who were supposed to file tax audit report on or before 30th September 2021.

6. Due date to file report under section 92E has been extended to 30th November 2021 for those assesses who were supposed to file on or before 31st October 2021.

7. Due date to furnish belated or revised return of income which was supposed to be filed by 31st December 2021 under 139(4)/139(5) has been extended to 31st January 2022.

8. SFT for financial year 2020-21 has been extended to 30th June 2021 which was supposed to be filed on or before 31st May 2021