Mumbai, January 26: The Interim Union Budget for FY24-25 will be presented on February 1 by Finance Minister Nirmala Sitharaman. The Budget is allotted for a fiscal year which runs from April 1 to March 31 of the next year. This year, it will be an interim Budget as the elections for the Lok Sabha are due. An interim budget is a temporary financial plan for a few months until a new government is formed.
Similar to all other sectors expecting positive measures in their domains, the Cryptocurrency market too expects the government to take into consideration their long-standing expectations of slashing tax rates on crypto assets among other things. In this article, let’s see what crypto players expect from the government in the Interim budget this year. Union Budget 2024-25: From Changes in Income Tax Slabs to Increased Deduction Limits and More, List of Changes Common Man Expects From Interim Budget.
As we know, the regulatory landscape for cryptocurrencies is subject to change as it is a very dynamic realm. Players should know that government decisions in this area may be influenced by various factors, including economic conditions and evolving global trends.
Some of the other things that are expected from the government include lowering the TDS rates, easing tax norms and a comprehensive policy on cryptocurrency regulation. As per reports, the crypto industry is also eager to see how the Government will shape the regulatory landscape for virtual digital assets (VDAs). Union Budget 2024-25: Investment in Digital Infra, Tax Reforms and More; Here’s a Look at the Expectations Of Entrepreneurs And Startup Industry From Interim Budget.
Government policies regarding cryptocurrencies can have a significant impact on the market, and stakeholders are directly affected by any regulatory developments. As we know the Budget 2024 will be a vote on account, hence many sectors are expecting that it will have no major announcements.
(The above story first appeared on LatestLY on Jan 27, 2024 05:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).