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In a big blow to mutual fund investors, the government in Finance Act 2023 had decided that capital gains from debt funds and certain other categories of non-equity mutual funds would be taxed at a higher rate.
Experts suggest that it presents an opportunity to address this gap, potentially increasing healthcare allocation to 2.5% of GDP from 1.6% at present, as recommended by the NITI Aayog
As per the Finance Minister’s own words, this will be a vote-on-account rather than an Interim Budget. Though we use these two interchangeably, there are some differences between them.
Finance Minister Nirmala Sitharaman is expected to intensify measures to stimulate consumption and support the rural economy while maintaining control over inflation in her upcoming presentation of the sixth consecutive budget on February 1.
Given that the economy has done well in an otherwise inflationary environment, some changes may still be announced to provide for removing anomalies if any in existing provisions and increasing savings in the hands of the common taxpayer.