[Opinion] A Poetic Wishlist for the Union Budget 2024-25

Mayank Mohanka – [2024] 164 taxmann.com 293 (Article)

Friends, the much-awaited Union Budget 2024-25 (full) is slated to be presented in the Parliament by our hon’ble FM Smt. Nirmala Sitharaman on July 23rd, 2024. This Budget presentation will distinguish her as the first Finance Minister of India to deliver seven consecutive Union Budgets, surpassing Shri Morarji Desai’s previous record of six budgets.

This special occasion demands a special pre-budget wishlist, instead of the routine ones. So, in this piece, I have penned down my poetic pre-budget wishlist, in the form of a few poetic verses, highlighting some much-needed relaxations and incentives and a few critical and relevant grey areas and gaps currently being experienced by all of us in the direct tax domain, and which require timely redressal by the Legislature in the upcoming full Union Budget 2024.

On July 23rd, the Union Budget 2024 will be Presented,
Poised to make our Country’s Growth & Economy Augmented.

Extra sweetened with a two-time Halwa Ceremony,
The Budget should iron out Common Man’s Agony.

For gaining the Middle Class’s Trust,
Our beloved FM should give their aspirations a major Thrust.

Middle Class yearns an increase in Basic Exemption limit in Tax Slab,
Waiting for the Basic Exemption limit of 5 lacs to Unwrap.

Salaried Class yearns an increased Standard Deduction,
As they have their major Contribution in Tax Collections.

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