The upcoming budget set to be revealed on February 1 by Finance Minister Nirmala Sitharaman is going to be an …
The upcoming budget set to be revealed on February 1 by Finance Minister Nirmala Sitharaman is going to be an interim budget before the lok sabha elections.
The finance minister has already mentioned that the Fiscal Budget 2024-25 will not have any major announcements and will just focus on the expenditure of the government until a new government is formed.
With no major policy announcements let’s discuss 5 key developments that experts are expecting from Budget 2024.
First it is expected that the government may make the National Pension System more attractive by extending tax concessions especially for senior citizens above 75 years.
2nd- The Centre is also likely to announce in the upcoming interim Budget an increase in the agricultural credit which is expected to be ₹22-25 lakh crore for the next year and ensure every eligible farmer has access to the credit
3rd point will be to motivate the manufacturing sector and generate employment, the gov might extend the Understanding Production Linked Incentive Scheme in which gov encourages domestic companies and establishments to set up or expand the manufacturing units to increase production. In the PLI scheme is set to include sectors like garments, jewelry and handicrafts.
4th expection is with the Income Tax rate, The government may extend the 15% income tax rate for corporates to set up new manufacturing units by one year till March 31, 2025, to encourage private investments
Then comes the development expectations from the poor farmers , Having taken care of poor farmers by transferring funds into their accounts, the government can think about imposing income tax on rich farmers to bring fairness in the taxation structure.
Source: https://www.india.com/video-gallery/from-income-tax-to-agriculture-development-5-key-expectations-from-budget-2024-6686419/
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