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: 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:
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 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 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 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 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 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."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman talsk about Rooftop solarisation and free electricity —
"Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
This scheme follows resolve of Prime Minister, on the historic day of consecration of Ram Mandir in Ayodhya
Expected benefits:
Savings up to Rs. 15,000 - Rs. 18,000 to households from free solar electricity and selling surplus to discoms."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says "PM Awas Yojana Gramin implementation continued" —
"Despite challenges of the pandemic, PM Awas Yojana Gramin implementation continued, we are close to achieving the target of 3 crore houses, 2 crore houses more will be taken up in next 5 years to meet requirement arising from increase in number of families."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says "Govt ready to assist states in faster development of aspirational districts and block" —
"Our government is ready to assist states in faster development of aspirational districts and blocks.
Government will pay utmost attention to make eastern region and its people a powerful driver of India's growth."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says "Garib Kalyan, Desh ka Kalyan" —
"We believe in empowering the poor! The earlier approach of tackling poverty through entitlement resulted in very modest outcomes.
When the poor became empowered partners in development process, government's power to assist them increases manifold.
With the pursuit of #SabkaSaath in the last 10 years, Government has assisted 25 crore people to get rid of multi-dimensional poverty."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman talks about strategy for MSMEs —
"It is an important priotity to ensure timely and adequate finances, relevant tech and appropriate training for MSMEs to grow and compete globally."
"Orienting the regulatory environment to facilitate their growth will be an important component of this."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman talks about strategy for Amrit Kaal —
"Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunties for all and help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations."
"The government will take up next gen reforms and build consensus with stakeholders for effective implementation."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says —
Vision for Viksit Bharat is that of prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all to reach their potential.
Next five years will be years of unprecedented development and golden moments to realize the goal of developed India by 2047.
Trinity of democracy, demography and diversity backed up by Sab Ka Prayaas has the potential to fulfill aspirations of every Indian.
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says —
India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes.
Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward.
India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others.
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman talks about the Global context —
"Global affairs are becoming more complex, globalization is being redefined with reshoring, disruption and fragementation of supply chains and competition for critical minerals and technologies. A new world order is emerging."
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
Union Finance Minister Nirmala Sitharaman says:
Economic Management has complemented people centric inclusive development.
Major elements:
All forms of infrastructure are being built in record time.
All parts of the country are becoming active participants in economic growth.
Digital public infrastructure is instrumental in formalization of the economy.
GST has enabled One Nation One Market One Tax.
Tax reforms have deepened and widened tax base.
Strengthening of financial sector have made savings, investment and credit more efficient.
GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources.
Proactive inflation management has helped keep inflation within the policy band.
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP - I.e., Governance, Development and Performance. Our government has provided transparent, accountable and people-centric trust-based administration with citizen first and minimum government and maximum governance approach. There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"Making Triple Talaq illegal, one third women's reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: "Female enrollment in higher education has gone up by 28% in 10 years"
"Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs. Female enrollment in higher education has gone up by 28% in 10 years. In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world. All these are getting reflected in increasing participation of women in workforce," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: "The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023"
"The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023. Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: "National Education Policy 2020 is ushering transformational reforms"
"Empowering Amrit Peedhi, the youth. The National Education Policy 2020 is ushering transformational reforms. PM Shri is delivering quality teaching. Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs. Large number of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"Electronic national agricultural market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive and higher growth," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: "Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers"
"Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. These are assisting farmers in producing food for the country and for the world," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: 'Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind'
"PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time. PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups. PM Vishakarma Yojana provides end to end support to artisans and craftspeople. Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"This has been realized through avoidance of leakages, savings have helped in providing more funds for welfare of the poor," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"Direct Benefit Transfer of Rs. 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"The earlier approach of tackling poverty resulted in very modest outcomes. When the poor became empowered partners in development process, government's power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"Our government is working towards development which is all round, all inclusive and all pervasive. It covers all castes and people at all levels. We are working towards making India a Viksit Bharat by 2047," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"The Indian economy has witnessed a profound positive transformation in the last 10 years, The people of India are looking ahead to the future with hope and optimism. With the blessings of the people, when our government - under the leadership of PM Narendra Modi - assumed office in 2014, the country was facing enormous challenges with Sabka Saath, Sabka Vikas as its mantra. The Government overcame those challenges in right earnest," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Union Finance Minister Nirmala Sitharaman Presents Interim Budget 2024
"We need to focus on - Garib, Mahilayen, Yuva and Annadata; Their needs and aspirations are our highest priorities," says Finance Minister Nirmala Sitharaman in her interim Budget speech," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: "Our young country has high aspirations, pride in its present and hope and confidence for a bright future. We expect that our govt based on its stupendous work will be blessed again by the people with a resounding mandate," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: "When we assumed office in 2014, the country was facing enormous challenges. With 'Sabka Sath Sabka Vikas' as its mantra, the government overcame those challenges," says Union Finance Minister Nirmala Sitharaman
Budget 2024 Income Tax Slabs Live: Catch al the Live Budget action here on ZeeBiz!
Budget 2024 Income Tax Slabs Live: Watch Budget Speech Live here!
Budget 2024 Income Tax Slabs Live: Finance Minister Nirmala Sitharaman takes the floor!
Budget 2024 Income Tax Slabs Live: I think there won’t be many tax changes in the interim budget, says economist Hemant Shah
Budget Expectations: “As per my understanding, I think there won’t be many tax changes in the interim budget. Focus could be on agriculture,” says economist Hemant Shah.
Budget 2024 Income Tax Slabs Live: Wait ends, Budget speech to start soon!
Budget 2024 Income Tax Slabs Live: We expect the Budget will focus on youth and women, says Amravati MP Navneet Rana
On Budget 2024, Amravati MP Navneet Rana says, "We expect the Budget will focus on youth and women."
Budget 2024 Income Tax Slabs Live: How increase in standard deduction can give relief to crores of taxpayers? What expert says
As Finance Minister Nirmala Sitharaman is set to deliver her Interim Budget 2024 (Union Budget 2024) speech in less than an hour from now, crores of salaried class people in India will fix their gaze to know if she makes any changes in the current income tax slabs. Taxpayers who have opted the new tax regime and the old tax regime will eagerly wait for the tax slab limit to rise. But will there be a change? Find out here
Budget 2024 Income Tax Slabs Live: Will present a full-fledged budget after returning to power, says Union MoS Darshana Jardosh
This is going to be an interim budget. We will present a full-fledged budget after returning to power (after 2024 Lok Sabha elections)," says Union MoS Darshana Jardosh
Budget 2024 Income Tax Slabs Live: Budget of high hopes!
Ahead of NDA govt's interim Budget, Union minister Anupriya Patel says, "I hope the provisions of this budget will be to fulfil the aims of becoming Viksit Bharat and a 5 trillion dollar economy."
Budget 2024 Income Tax Slabs Live: Follow all budget-related updates on ZeeBiz, as FM Nirmala Sitharaman presents sixth Budget in a row ahead of 2024 General Elections!
Budget 2024 Income Tax Slabs Live: FM Nirmala Sitharaman to present Budget in 15mins!
Budget 2024 Income Tax Slabs Live: ONLY 20 MINS TO GO!
FM Nirmala Sitharaman to present sixth Budget in a row ahead of 2024 General Elections!
Budget 2024 Income Tax Slabs Live: Union Finance and Corporate Affairs Minister Nirmala Sitharaman along with Ministers of State Dr. Bhagwat Kishanrao Karad and Pankaj Chaudhary called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2024
Budget 2024 Income Tax Slabs Live: Interim Budget 2024 gets approval from the Cabinet.
Budget 2024 Income Tax Slabs Live: Follow all the Budget related action Live on ZeeBiz!
Budget 2024 Income Tax Slabs Live: Finance Minister reaches Parliament to deliver Interim Budget
Finance Minister Nirmala Sitharman has reached Parliament to deliver the Interim Budget. The speech is schedule to start from 11 am. Zee Business will give you Live updates of the proceedings. Stay tuned with us!
Budget 2024 Income Tax Slabs: What will be the impact of budget on stock market?
As of now, the market looks in a good shape as both BSE and NSE opened on higher notes. Let's see how it pans out throughout the day. With the Lok Sabha elections expected a few months from now, the government is expected to deliver a balanced budget, where no sea-change announcements are expected. So, the market is expected to remain steady, but wait for the finance minister's speech to know how the stock market behaves. Know the latest share market developments here-
Budget 2024 Income Tax Slabs: Which will be the sectors to benefit from Budget 2024?
Nirmala Sitharaman, finance minister of India, is set to deliver the Union Budget 2024 in a few hours. In is yet to be known which sectors will benefit from Budget 2024, but this various sectors have different expectations fromUnion Budget 2024. Ravi Kunwar, Vice President - India & APAC, HMD Global (The Home of Nokia Phones), said, "As we anticipate the Interim Union Budget 2024, HMD Global holds optimistic expectations for the Indian smartphone market. Foreseeing an extension or enhancement to the Production Linked Incentive (PLI) policy, we aim to fortify local production and encourage an indigenous components supply chain. The budget's positive impact on operations, particularly in local manufacturing, is anticipated, though precise planning hinges on final announcements." Read out story here-
2021-22: What got cheaper and what costlier?
In 2021, the pandemic was still lingering around. In fact, it was the time when the second wave of the pandemic hit the world in its severest form. The casualties in the year were more than any stage of the pandemic. Finance minister Nirmala Sitharaman was under constant pressure to present a budget that didn't put any financial burden on a large population in India. Here's the list of the things that got cheaper and costlier in the budget she presented-
Cheaper: Gold, silver, leather products, nylon clothes, products made of iron, steel and copper
Costlier: Solar cells, mobile phones and chargers, imported gems and precious stones, imported AC and fridge compressors, imported auto partsBudget 2024 Income Tax Slabs: What experts expect from Finance Minister for taxpayers
Experts demand that there should be parity in taxation among companies, partnerships and limited liability partnerships. "This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said. Read our story here-
Budget 2024 Income Tax Slabs: What experts expect from Finance Minister for women entrepreneurs
As Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 just in a few hours, for women entrepreneurs, experts demand an increase in income tax exemption limits, a long-term taxation policy, support to women entrepreneurs, and some steps to boost consumption and savings.
Budget 2024 Income Tax Slabs: What will the Union Budget 2024 have?
The Union Budget 2024 will have the general budget as well as the Railway budget. Till few years, Railway budget used to be presented separately. But the practice changed in 2016 when the government announced to merge it with the general budget. In 2017, Arun Jaitley became the first finance minister to present a unified general and railway budget. For more such information and Budget 2024 live updates, stay tuned with Zee Business. For knowing when and where you can watch the Live telecast of the Union Budget 2024, read our story-
Budget 2024 Income Tax Slabs: When will the Union Budget 2024 be presented today?
Before we proceed to know more about income tax-related developments today, let us remind you that today (February 1, 2024) is the day when the Union Budget 2024 (Interim Budget 2024) will be presented. Finance Minister Nirmala Sitaraman will present her sixth budget today. She will start presenting Union Budget 2024 around 11 am. Zee Business will give you all updates of the budget. Stay tuned with us. Know the schedule here-
Budget 2024 Income Tax Slabs: What is the standard deduction limit in the new tax regime?
In the new tax regime, Finance Minister Nirmala Sitharaman made some changes in the Union Budget for the year 2023-24.
She increased the basic exemption limit from Rs 2.5 lakh to Rs 3 lakh.
Along with that, the limit of Rs 5 lakh rebate was increased to Rs 7 lakh.
Apart from this, the benefit of standard deduction of Rs 50,000 was also added to it.
After all these inclusions, income up to Rs 7.5 lakh became tax free.
For pensioners, an additional rebate of Rs 15,000 was given to pensioners.
Budget 2024 Income Tax Slabs: Will Modi government increase tax exemption limit in Interim Budget?
Before every budget, the salaried class always wait whether there will be any relaxation in tax slabs. In the current context, income up to Rs 7.50 lakh a year is tax exempted after including all deductions and rebates. If the government increase it to further Rs 50,000, it can be great relief to a number of taxpayers. Read here-
Budget 2024 Income Tax Slabs: Ready to catch Budget announcements today?
Catch the fastest and easiest-to-follow, minute-by-minute coverage of announcements starting at 7 am.
Budget 2024 Income Tax Slabs Live: New tax regime could be further sweetened, feels S Sriram, Partner at Lakshmikumaran & Sridharan Attorneys (LKS)
Referring to income tax slabs pertaining to the individual taxpayer, S Sriram, Partner at Lakshmikumaran & Sridharan Attorneys (LKS), says it is not uncommon in interim budgets to grant certain benefits to common man, by expanding the slab rates or granting a standard deduction, keeping in view the raising living costs. He hopes that interim budget too, in line with the interim budgets of 2009 and 2019, will pass on certain benefits to small tax payers. "Possibly, the individuals opting to be taxed under the new regime, can expect certain deductions to be extended to them. Given the rising medical and housing costs, the limits for deduction of medical insurances premia and housing loan repayment, might be expanded," he opines. Read More
Budget 2024 Income Tax Slabs Live: Changes that individual taxpayers expect in the Budget
The cost of living has increased in the last couple of years due to high inflation and interest rates, high education and medical expenses, etc. Considering this, Mayank Bhatnagar, Co-founder and COO of FinEdge says the individual taxpayers expect the Finance Minister (FM) to give some tax relief. He points out these changes that the individual taxpayers await in Budget 2024 include the following —
1) Taxation changes
a) Increase in the standard deduction
Under Section 16(ia), salaried individuals can claim a maximum standard deduction of the salary amount or Rs. 50,000, whichever is lower. The salaried class expects it to be increased to Rs. 75,000.b) Increase in income slabs
The individual taxpayers expect the FM to increase the income tax slabs. For example, instead of Rs 3 lakhs, income up to Rs 6 lakhs can be exempted. The 5 per cent tax slab can start from Rs 6,00,001 (instead of Rs 3,00,001), and the 10 per cent slab can start from Rs 9,00,001 (instead of Rs 6,00,001), and so on.2) Changes in deductions
a) Increase in Section 80C deduction limit
Section 80C allows a maximum deduction of Rs 1,50,000. It has many investment products within its scope, like EPF, PPF, ELSS, SCSS, NSC, life insurance, children’s tuition fees, etc. It gets exhausted quickly, and individuals look for other tax-saving avenues.
Taxpayers expect the FM to raise the Section 80C limit to Rs 2,00,000. The increase will lead to more investments in financial products that will help taxpayers realise their financial goals.
b) More deductions in the new tax regime
The new tax regime has few deductions compared to the old regime. These include Rs 50,000 standard deduction, employer’s contribution to employee’s NPS account, interest deduction on home loan on let out property, etc.
The FM can consider adding more deductions under the new tax regime to encourage more taxpayers to shift to it. Some of these can include Section 80D deduction for health insurance premiums, NPS deductions to encourage more people to invest for retirement, home loan deductions to encourage more people to buy their own house, etc.
c) Increase health insurance premium deduction limit
The premium for a comprehensive family floater health insurance plan for a family of four with an adequate sum assured can exceed Rs 25,000. The maximum deduction allowed for health insurance premiums for individuals below 60 years is Rs 25,000. Hence, taxpayers expect the FM to raise the maximum limit to Rs 50,000, and for senior citizens to Rs 75,000.
Budget 2024 Income Tax Slabs Live: Income may be tax free up to Rs 8 lakh?
With elections round the corner, Finance Minister Nirmala Sitharaman may tinker with tax slabs to make income of upto Rs 8 lakh tax free in the coming financial year.
In the current system, there is tax exemption on income up to Rs 7.50 lakh. This also includes basic exemption, rebate and standard deduction. Tax experts says there must be an increase ins tandard deduction, 80C limits and lowering of GST on insurance to put more money in the ocmmon man's pocket. Read More
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.