Income Tax News: Nirmala Sitharaman Expected to Present General Budget Soon! Check What’s Likely to Change

Explore Expectations from India's Upcoming Budget 2024: Potential Tax Changes and Government Priorities

Income Tax News

Income Tax News: The upcoming union budget presentation, which is anticipated for the third week of July, has everyone’s attention as Prime Minister Narendra Modi takes the oath of office for a third term in a row. Since income tax slabs hadn’t been modified in the previous interim budget that was released earlier this year, people are interested in any prospective adjustments. Various ministries are presenting their goals and emphasising important issues like healthcare, employment creation, inflation management, and the real estate industry as the entire budget preparations pick up pace.

Budget Expected in the Third Week of July

A few media reports suggest that the budget may be presented around the third week of July. But as of yet, no official announcement has been made on it. The 18th Lok Sabha’s first parliamentary session is scheduled to start on June 24 and run till July 3.

Income Tax Slabs

Expectations were high for changes in income tax slabs during the February interim budget that could benefit regular taxpayers. nevertheless, no modifications were made at that time. One area of great interest that continues to be discussed as the administration gets settled after the election is the potential to review tax slabs. Experts and taxpayers alike are waiting for word on whether any changes that offer incentives or relief in line with the economy’s present trends would be offered.

Government’s Focus Areas

Controlling Inflation: Acknowledging the financial difficulty that inflation presents, the next budget is anticipated to present policies intended to bring costs under control, especially for necessities like food and fuel.This programme aims to lessen the financial strain on residents who are having to deal with rising living expenses.

Health Sector Boost: More funding for hospitals, medications, and immunisations can be allocated by the government to health services.

Employment Generation: The budget is expected to put a strong emphasis on programmes meant to generate employment possibilities in a variety of industries, as unemployment was a major topic during the most recent elections. Policies that support entrepreneurship and skill development could be crucial in promoting job expansion.

Real Estate Sector Reforms: The government can take into account a number of significant decisions regarding real estate industry.

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