Budget 2024: On February 1 of this year, Finance Minister Nirmala Sitharaman is scheduled to unveil the interim Union Budget 2024. According to Business Standard, further tax exemptions and waivers are anticipated at the lowest possible level for the Old Tax Regime.
Anticipation of Additional Tax Waivers and Exemptions
A senior government official told Business Standard that more tax waivers and exemptions at the lowest level, exclusive to the Old Tax Regime, are anticipated to be revealed during the interim Budget 2024 presentation.
According to the article, additional measures for women farmers and income tax exemption rates near ₹7 lakh are anticipated as part of the proposed modifications to the Old Tax Regime. Nonetheless, it is anticipated that the new policies and the announcements to enhance direct taxes won’t have a negative impact on the government’s budgetary shortfalls. The government has not yet released any official statements on the subject.
Upcoming Interim Budget Presentation
The interim budget will be presented by Finance Minister Nirmala Sitharaman next month, and the Centre has already stated that there won’t be any “spectacular announcements” on February 1 because the budget will only be put up for a vote on account.
After the Lok Sabha election results are announced and the new government cabinet has taken office, the finance minister will present the entire Union Budget 2024 in July. FM Sitharaman has previously stated that the Union Budget 2024, which is due on February 1, will not include any significant policy or tax announcements. This budget is only being implemented for the first quarter of the upcoming fiscal year, in an interim capacity.
Budget as a Vote on Account
The finance minister said earlier, “It is a matter of truth that the February 1, 2024, Budget that will be just be a vote on account… we will be in election mode… so the Budget will just be to meet the expenditure no spectacular announcements are made at that time.”
The Economic Survey, projections for the next fiscal year, and a vote-on-account in Parliament on urgent costs like public employee pay and project funding are anticipated to be the sole items included in the interim budget.
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