Budget 2024: No change in taxation proposed — Check Old Tax Regime and New Tax Regime Income Tax Slabs

Budget 2024: As expected, in the run up to the General Elections, Union Finance Minister Nirmala Sitharaman neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled on Thursday, February 1.

FM Sitharaman said in her Budget speech, "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties."

To ensure tax continuity, she proposed extending the date by another year for certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units that are expiring in March 2024. 

Furthermore, in keeping with the government's vision of improving the ease of living and doing business, she announced plans to improve tax-payer services.

She said, "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 proposed to withdraw such outstanding direct tax demands 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. "This is expected to benefit about a crore tax-payers," she added.

Also Read - Budget 2024 Income Tax Slabs Highlights: FM Nirmala Sitharaman retains same tax rates for direct and indirect taxes

Here are the unchanged Old Tax Regime and New Tax Regime Income Tax Slabs for individuals below 60 years of age —