As Union Finance Minister Nirmala Sitharaman prepares to present the interim budget on February 1, expectations from experts revolve around key areas, including increased income tax exemption limits, support for women entrepreneurs, and a comprehensive taxation policy. The interim budget is anticipated to provide insights into potential benefits for the upcoming full budget. Experts are also urging for steps to enhance consumption, savings, and address taxation disparities among various business entities.
Narayan Jain, National President of the All India Federation of Tax Practitioners, anticipates concessions for individual taxpayers, potentially raising the overall tax exemption limit to Rs 8 lakh, including rebates.
N G Khaitan, President of the Bharat Chamber of Commerce, stresses the need for a long-term taxation policy and equal taxation among companies, partnerships, and limited liability partnerships (LLPs) to create a level playing field for small and medium firms.
Vivek Jalan, Chairperson of the Fiscal Affairs and Taxation Committee at the Bengal Chamber of Commerce, expects the introduction of a simplified ‘single hybrid scheme’ for personal income taxation with specific deductions.
Radhika Dalmia, Chairperson of FICCI Ladies Organisation (Kolkata chapter), advocates for tax relaxations for women entrepreneurs and additional paid holidays for working mothers. She emphasizes the importance of strengthening financial inclusion, healthcare infrastructure, and prioritizing education for girls.
Vinaya Varma, MD and CEO of mjunction services, emphasizes the role of e-marketplaces in exports, urging the government to acknowledge them as responsible players in facilitating cross-border payments. He also calls for a review of the obligatory TDS on eCommerce platforms.
As anticipation builds, the expectations center around creating a supportive environment for economic growth, inclusion, and sustainable development.
