The Union Budget 2024-25 is highly anticipated for its potential impact on taxation. Mohammed Athar, Partner and Leader of Capital Projects and Infrastructure Development at PwC India, says one of the primary expectations is the extension or introduction of new tax incentives for the manufacturing sector, which saw its previous incentives sunset in 2024. Such measures are expected to further boost the sector’s growth and job creation.
For individual taxpayers, there is hope for some relief, which could ease the financial burden on the common man. This potential tax relief is a significant point of interest as it directly affects a large portion of the population.
Additionally, analysts state that there is speculation about a new amnesty scheme for Customs, akin to the recently announced GST Amnesty. This could encourage greater compliance and provide relief to businesses.
This insight comes from a video by PwC India, where Mohammed Athar shared his expectations for the upcoming budget.
Overall, the Union Budget 2024-25 is expected to bring noteworthy changes in the tax landscape, with key areas to watch closely including individual taxation and manufacturing sector incentives.
The Budget will be presented by the Finance Minister Smt. Nirmala Sitharaman on July 23, 2024 in the Lok Sabha during the budget session as per the approval of the President of India.
President Droupadi Murmu, on the recommendation of the Government of India, has approved the proposal for summoning both Houses of Parliament for the Budget Session of 2024. The session is scheduled to take place from July 22 to August 12, 2024.
The Halwa ceremony, an annual tradition that signifies the start of the ‘lock-in’ process for officials involved in the Budget preparation was held today at New Delhi in the presence of Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Union Minister of State for Finance Pankaj Chaudhary.
The budget is expected to prioritise infrastructure, healthcare, education, and digital innovation to boost India’s economic resilience.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
