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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.
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Note: This Post was last updated on February 8, 2024
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