Union Finance Minister Nirmala Sitharaman presented the Union Budget the one for the forthcoming financial year (2024-25). The budget lays out the government’s spending plans for the first half of the upcoming fiscal year.
Here are the key highlights of Tax Reforms & Proposals from the Interim Budget 2024:
- No changes to income tax slabs. There will be no tax liability for taxpayers with an income of up to Rs.7 lakh, under the new tax regime.
- Withdrawal of outstanding direct tax demand: up to ₹25,000 for up to FY2009-10 and up to ₹10,000 for FY2010-11 to FY2011-15.
- Tax exemptions given to start-ups extended till March 31, 2025.
- Tax exemption on certain income of IFSC units extended by a year to March 31, 2025.
- No change in tax rates for indirect taxes and import duties.
- Tax reforms widened tax base and increased tax collections.
- Processing time of tax returns reduced from 93 days in 2013-14 to 10 days in 2023-24.
- Tax base of GST more than doubled.
- Interest-free loans to states to promote tourism.
For more details contact out team at +91-7991109093 or drop email us at [email protected]
Note: This Post was last updated on February 8, 2024
Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation i.e. February 8, 2024. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, We assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. We assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL WE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.