Budget 2024 Expectations: Tax Exemptions, Support For Women Entrepreneurs - What I-T Experts Hope For | In PICS
Union Finance Minister Nirmala Sitharaman is set to release the Interim Budget for the upcoming fiscal on February 1, 2024
Analysts expect the forthcoming budget to adopt measures such as tax exemption limits to providing support for women entrepreneurs. Getty
Experts are hoping to see an increase in the overall tax exemption limit for individual taxpayers under section 87A from the current cap of Rs 7 lakh to Rs 8 lakh. Getty
Analysts stressed the need for a long-term taxation policy and sought parity in taxation among companies, partnerships, and limited liability partnerships (LLPs) to ensure that the ‘playing field’ is equal for small and medium entities. Getty
Sector experts also anticipate that a simplified single hybrid scheme for personal income taxation along with certain deductions will help. Getty
Experts called for the forthcoming Budget to focus on providing tax concessions to women entrepreneurs and allow for more paid holidays for working mothers. Getty
To foster financial inclusion, analysts also called for hiking the allowance under the Rashtriya Swasthya Bima Yojana. Getty