Budget 2024 Expectations: What is expected from this budget, there will be some hints for the full budget!
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Budget 2024 Expectations: Union Finance Minister Nirmala Sitharaman will present the budget on February 1. This budget will be the last budget of the second term of the Narendra Modi government in Parliament. Officials involved in budget preparation are now in a ‘lock-in’ period to maintain secrecy around the final budget document. Actually, since it is an election year, there are not much expectations from this interim budget. At an event last month, the Finance Minister had denied any ‘major announcement’ in the interim budget. Even after this, common and special people have a lot of expectations from this budget. In such a situation, people’s attention will be on these points.
Expect relaxation in these areas
Experts expect increase in income tax exemption limit, support to women entrepreneurs, long-term taxation policy and promotion of consumption and savings in the interim budget. Finance Minister Nirmala Sitharaman will present the interim budget before the general elections on February 1. Narayan Jain, national president of All India Tax Professionals Association, said, “This will be an interim budget, but it may have some indications for the full-fledged budget.
Concession can be given to taxpayers
Some concessions can be given to individual taxpayers under Section 87A. Under this, the total tax exemption limit can be increased from Rs 7 lakh to Rs 8 lakh. President of India Chamber of Commerce, NG Khaitan said that to provide equal opportunities to small and medium companies, the formation of companies, partnerships and limited liability partnerships should be done. There is a need for long term taxation policy and uniformity in taxation among LLPs.
Higher taxes on MSMEs!
He said that MSMEs are taxed more even though they have a huge contribution in the country’s GDP and employment generation. Vivek Jalan, chairperson of the fiscal affairs and taxation committee of the Bengal Chamber of Commerce, expressed hope that a simple scheme incorporating some deductions for personal income taxation could be introduced. Radhika Dalmia, Chairperson of FICCI Women’s Organization (Kolkata Chapter), advocated tax exemption and more maternity leave for women entrepreneurs.
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