Budget 2024 Income Tax Slabs Highlights: FM Nirmala Sitharaman retains same tax rates for direct and indirect taxes; withdraws overdue tax demands for Rs 25,000 upto FY 2009-10, and Rs 10,000 for FY 2010-11 to 2014-15 | Check Latest Income Tax Slabs
Budget 2024 Income Tax Slabs Highlights: In the year of the General Elections 2024, on expected lines, Union Finance Minister Nirmala Sitharaman has proposed to retain the same tax rates for direct and indirect taxes, including import duties. She said in her Budget 2024 speech, "In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties."
"However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on March 31, 2024; to provide continuity, I propose to extend the date to March 31, 2025," she added.
In a move that is expected to benefit about a crore tax-payers, FM proposed to withdraw outstanding direct tax demands of up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.
"There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she added.
Budget 2024: Income Tax Slabs For Individual (resident or non-resident) less than 60 years of age anytime during the previous year:
Budget 2024: Income Tax Slabs For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
Budget 2024: Income Tax Slabs For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
Also Read | Union Budget 2024 LIVE Updates: Full list of what gets cheaper and what gets costlier?
Here are the latest updates on Income Tax Slabs, Tax-Related Announcements and Tax Benefits from the Union Budget 2024:
Budget 2024 Income Tax Slabs Highlights: In the year of the General Elections 2024, on expected lines, Union Finance Minister Nirmala Sitharaman has proposed to retain the same tax rates for direct and indirect taxes, including import duties. She said in her Budget 2024 speech, "In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties."
"However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on March 31, 2024; to provide continuity, I propose to extend the date to March 31, 2025," she added.
In a move that is expected to benefit about a crore tax-payers, FM proposed to withdraw outstanding direct tax demands of up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.
"There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she added.
Budget 2024: Income Tax Slabs For Individual (resident or non-resident) less than 60 years of age anytime during the previous year:
Budget 2024: Income Tax Slabs For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
Budget 2024: Income Tax Slabs For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
Also Read | Union Budget 2024 LIVE Updates: Full list of what gets cheaper and what gets costlier?
Here are the latest updates on Income Tax Slabs, Tax-Related Announcements and Tax Benefits from the Union Budget 2024:
Latest Updates
Budget 2024 Income Tax Slabs Live: Industry and Experts React on Union Finance Minister Nirmala Sitharaman's Budget And Her Decision To Keep Tax Slabs Unchanged In Interim Budget 2024
Mahesh Krishnamoorthy, Managing Director, Core Integra: "The presented budget is indeed an interim one, prompting anticipation for the formal budget scheduled to be unveiled by the new Government in July 2024. It is heartening to observe the strides India has taken over the past decade. The Government's continued commitment, as outlined in the budget, towards fostering ease of doing business, skill development, employment generation, and strengthening the entrepreneurship and startup ecosystem is commendable.
In a positive development, the budget overview remains rational and aligned with the ongoing initiatives, even in the backdrop of it being an election year. The forthcoming annual budget later this year will unveil whether the new Government opts to maintain the current interim budget structure or introduces new measures, particularly concerning the implementation of the New Wage Code."
Budget 2024 Income Tax Slabs Live: Industry and Experts React on Union Finance Minister Nirmala Sitharaman's Budget And Her Decision To Keep Tax Slabs Unchanged In Interim Budget 2024
Kajal Malik, Co-founder and CBO, PickMyWork: "We understand this is an Interim Budget and did not introduce much on the policy aspect for startups specifically, nevertheless, with the allocation of an Rs 1 lakh crore corpus for interest-free loans, the government not only acknowledges but firmly supports the pivotal role startups play in our economy's fabric. The extension of tax benefits for another year further cements the commitment to nurturing the immediate needs of this vibrant sector. As we look ahead, we remain hopeful for policy reforms that will further invigorate angel and foreign investments, setting the stage for an unprecedented era of growth and opportunity post-elections. This budget, indeed, is a testament to the belief that startups are not just businesses, but the very backbone of our nation's future prosperity."
Budget 2024 Income Tax Slabs Live: Industry and Experts React on Union Finance Minister Nirmala Sitharaman's Budget And Her Decision To Keep Tax Slabs Unchanged In Interim Budget 2024
Pralay Mondal, MD & CEO of CSB Bank: "The budget is fully aligned to vision 2047 with GDP defined as Governance, Development & Performance on the principle of reform, perform and transform. The path to fiscal consolidation with fiscal deficit pegged at 5.1% shows government commitment to its promises. Overall a fascinating budget covering all sections of society especially towards the research and innovation initiatives by our youth."
Budget 2024 Income Tax Slabs Live: Industry and Experts React on Union Finance Minister Nirmala Sitharaman's Budget And Her Decision To Keep Tax Slabs Unchanged In Interim Budget 2024
Dr. Somdutta Singh, Founder and CEO Assiduus Global Inc and Advisor Govt of India (Core Committee Member of WEP- Niti Aayog): "Empowering women is not just a vision; it's a reality unfolding through entrepreneurship, dignified living, and educational strides. Over the past decade, this momentum has surged, symbolized by 30 crore Mudra Yojana loans empowering countless women entrepreneurs. With a 28 per cent rise in female enrollment in higher education and 43 per cent participation in STEM courses, women are scripting a new narrative of achievement, one of the highest in the world, in fact.
One more thing, the legal prohibition of 'Triple Talaq', 1/3rd reservation in legislative bodies, and over 70 per cent ownership of houses under PM Awas Yojana in rural areas signify a monumental shift towards dignity for women.
In the heart of rural India, 83 lakh self help groups or SHGs led by 9 crore women are transforming the socio-economic landscape, epitomizing empowerment and self-reliance. Their remarkable success has elevated nearly 1 crore women to the esteemed title of 'Lakhpati Didi.' These women are beacons of inspiration and shall be honored for their extraordinary achievements. Bolstered by their triumphs, the target for 'Lakhpati Didi' has been ambitiously raised from 2 crore to 3 crore.
Our Prime Minister's unwavering belief in prioritizing the 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth), and 'Annadata' (Farmer) is the cornerstone of progress. The government's steadfast commitment to their needs, aspirations, and welfare is evident. As we propel forward, the collective empowerment and well-being of these four major pillars - the poor, women, youth, and farmers - will shift the entire country towards unprecedented growth. Their progress is our progress, and their success is the driving force shaping our country's future."
Budget 2024 Income Tax Slabs Live: Industry and Experts React on Union Finance Minister Nirmala Sitharaman's Budget And Her Decision To Keep Tax Slabs Unchanged In Interim Budget 2024
Kresha Gupta, Founder at Chanakya Funds: "In an announcement that delivered on subdued expectations, India's FY 2024 Interim Budget unfolded with no major surprises, reflecting a pragmatic approach to fiscal policies. The absence of significant market fluctuations indicated that the budget did not introduce radical economic shifts. Instead, its core objective is portraying India's developmental journey, highlighting strides made, and elucidating a roadmap for continued progress. By doing so, the government aimed to remain confident both domestically and internationally in India's economic trajectory. A notable emphasis in this fiscal plan was the commitment to social welfare, with a targeted focus on poverty alleviation, women's empowerment, and the agricultural sector. The budget's spotlight on the underprivileged underscored the government's determination to bridge socio-economic gaps and foster inclusivity. In essence, India's FY 2024 Interim Budget, while lacking in surprise elements, stands as a testament to a government focused on incremental progress and social welfare."
Budget 2024 Income Tax Slabs Live: Industry And Experts React On Union Finance Minister Nirmala Sitharaman's Decision To Keep Tax Slabs Unchanged In Interim Budget 2024
Edul Patel, CEO, Mudrex: "The Finance Minister, Nirmala Sitharaman's decision to keep tax rates unchanged sends a message of stability. However, the long-term impact will depend on the government's ability to manage fiscal challenges and promote sustainable economic development through other policy measures. As the interim budget sets the tone for the upcoming fiscal year, it will be interesting to observe how these decisions play out in the broader economic landscape."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
What Union Finance Minister Nirmala Sitharaman on Promoting Investments —
"FDI inflow during 2014-'23 was 596 billion USD, marking a golden era, this is twice the infow during 2005-'14.
For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners in the spirit of First Develop India (FDI)"
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says Government has reduced and rationalized tax rates.
"Direct tax collections have more than trebled in last 10 years, return filers have become 2.4 times."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman's Budget Estimates for 2024-25
Total receipts other than borrowings: Rs. 30.80 lakh crores
Total expenditure: Rs. 47.66 lakh crores
Tax receipts: Rs. 26.02 lakh crores
Scheme of 50-year interest free loans for capital expenditure, to states will be continued with outlay of Rs. 1.3 lakh crores
Fiscal deficit in 2024-25 is estimated to be 5.1% of GDP, adhering to the path of fiscal consolidation
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says fiscal deficit in 2024-25 is estimated to be 5.1% of GDP.
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Concludes Interim Budget 2024 Speech
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman has proposed to retain same tax rates for direct and indirect taxes including export duties.
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"Direct tax collections have trebled in last 10 years," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman proposes some tax benefits to startups and pension funds.
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman talsk about Charging of electric vehicles —
"Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance."