Interim Budget 2024 will be released on 1 February 2024. As the year is going to conduct elections in May 2024, the final budget will be released in July 2024. There are a lot of changes made in the upcoming budget. The government is reframing some tax-related regulations. ICRA predicts that the STT on stock market transactions will be removed in Budget 2024. Here we will know the reality and the tax benefits you can expect as per the interim budget 2024. The Lok Sabha elections will decide the new government in power. The final changes will be implemented afterward.
The Interim Budget 2024 will have a variety of changes in Tax collection. The public demands the removal of STT on stock market transactions for a long duration. The GST collection rise may lead to the removal of STT. In the world of business, a company pays tax only upon the profits. It subtracts the expenses before taxes. Therefore, they pay taxes upon profits and dividends again, leading to double taxation. The government may look for a solution for double taxation.
The annuity income from NPS may become tax-free. The pension schemes can also have positive changes. The senior citizens of the community depend upon pensions and retirement schemes. In the world of increasing expenses, it is necessary to have a system that assists them in their old age, providing more savings on their income sources.
The cryptocurrency market expects to have a boom. The government wants to encourage cryptocurrency participation in the country. There will be an updation in the regulatory. The crypto market is increasing in India after COVID-19. Apart from that, the government is also looking to improve the energy sector. Green Hydrogen, Ethanol, and other biofuels will be the government’s focus for the upcoming year.
There will be other sectors like insurance, that will have some revisions in tax collection. The government wants to increase health insurance in the country. More families will hold health insurance and will be able to secure themselves in the uncertainties.
The upcoming interim budget 2024 will have the above-mentioned changes. The budget brings new changes and growth every year. The country is on its way to becoming third third-largest economy in the world. The budget will also have its focus on other departments like infrastructure, leading to an increase in the shares of the sector. We hope you get enough details about the interim budget 2024 expected tax changes. ICRA is considering more changes that will be shared on 1 February 2024.