Union Finance Minister Nirmala Sitharaman is set to unveil the interim Budget 2024 on February 1, which will focus on expenditure, revenue, fiscal deficit and fiscal performance without significant policy changes.
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There is anticipation of possible revision in income tax slabs to address concerns about complexity. Possible changes may include an increased basic exemption limit and introduction of new slabs for a more progressive tax structure.
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The budget is expected to emphasize the government's commitment to digital infrastructure, potentially introducing advanced data analytics and artificial intelligence tools for efficient tax assessment and compliance.
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The government can introduce targeted tax incentives for startups, including breaks for research and development, easier access to capital and a favorable tax environment for early-stage startups.
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Measures to simplify the tax filing process and reduce compliance burden are expected, including user-friendly tax portals, clear guidelines and enhanced support for taxpayers who understand the tax laws.
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Wealth tax reforms could be explored, potentially addressing wealth inequality by revising rates, expanding the scope of taxable assets, or introducing a progressive wealth tax structure.
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