As this is an election year, the Indian government will present an Interim budget, which is different from a Union budget and Vote of Account. In the Interim budget, income tax rules can be tweaked, but most governments have chosen not to make any major changes. A Vote of Account enables government to fund its expenses till the full budget is passed. They cannot do any changes in direct taxation as it needs to be passed through a Finance bill.
The Auto industry wants the government to announce a one-time incentive in the form of a tax rebate for replacing vehicles Continue reading “Special Article : Interim Budget Expectations and What to Look for”