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Income Tax Bill Highlights: New bill expected to be tabled in Parliament by FM this week

The article from CNBC TV18 discusses the anticipation and key expectations surrounding the upcoming Union Budget 2024-25, set to be presented by Finance Minister Nirmala Sitharaman on February 1, 2024. It highlights the focus on fiscal consolidation, with expectations of a reduction in the fiscal deficit to 5.3% of GDP for FY25 from 5.9% in FY24. There's a strong emphasis on infrastructure development, with potential increases in capital expenditure. The article also touches on the possibility of tax reforms, including changes in personal income tax rates, adjustments to tax slabs, and modifications to the new tax regime introduced in 2020. Additionally, there are expectations for amendments in insurance laws, particularly concerning the taxation of insurance policies, and potential changes in the taxation of long-term capital gains. The piece also notes the government's likely focus on boosting rural demand, supporting agriculture, and possibly introducing measures to encourage private sector investment.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/personal-finance/income-tax-bill-live-updates-fm-nirmala-sitharaman-proposed-date-key-expectations-insurance-amendment-liveblog-19555700.htm ]