What Can Middle-Class Tax Payers Expect From Budget? Experts Say This

Interim budget will be presented on on February 1, 2024

New Delhi:

Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on February 1, 2024. Since this is an election year, it is going to be an interim budget.

The middle-class taxpayers expect the government to keep taxes stable and rationalised.

The interim budget is a short-term financial plan that covers the government’s expenses until a new government takes charge after elections. The new government will present the full-fledged budget after the Lok Sabha elections.

Vinay Raghunath, Partner, EY, said the budget is likely to continue the policy framework that the government has been following for the past few years. “There are a couple of expectations about the extension of the deadline for manufacturing beyond April to avail lower corporate tax and also harmonize the GST tax rate for auto components.

Economist Sanchita Mukherji said the government should also insentivise the private sector along with the public sector.

“The government has insentivised the public sector to do a lot of spending in infrastructural development, construction that has worked well for the economy and job creation. The government needs to continue this,” said Ms Mukherji.

The Budget Session of Parliament will begin on Wednesday. It will be a short session this time, between January 31 and February 9, during which the Finance Minister will table the interim budget.