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A senior official from the finance ministry has indicated that the imminent Union Budget, set for release on February 1, is unlikely to incorporate any surge in tax rebates under the new direct tax structure.
Speculations were rife regarding a potential elevation of the personal income tax rebate from Rs 7 lakh to ₹ 7.5 lakh, yet the anonymous official dismissed such proposals, affirming, "There is no such proposal."
This announcement comes ahead of the vote-on-account budget, scheduled due to the impending general elections in April-May 2024. The upcoming budget is primarily designed to secure short-term funding until the subsequent comprehensive budget receives endorsement.
However, amidst anticipation of limited tax-related revelations in this interim budget, there are hints of a probable exemption in Tax Collected at Source (TCS) on overseas individual card transactions, potentially up to ₹ 7 lakh annually.
The focus remains on fiscal prudence, with expectations tempered as the government navigates the fine line between addressing economic concerns and avoiding populist measures in this interim budget.
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