Interim Budget 2024: No change in income tax slabs, says FM Nirmala Sitharaman
Interim Budget 2024: The full budget will be presented in July by the incoming government, whether a re-elected or new one. Check out the tax slabs
There will be no change to taxation in the 2024 interim Budget, Union Finance Minister Nirmala Sitharaman said Thursday morning, as she read out a statement of the country's finances in a special session of Parliament.
"As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to maintain the same tax rates for direct and indirect taxes, including import duties," said FM Sitharaman in the Parliament. The Finance Minister continued "I propose to extend these until March 31, 2025 to provide continuity in taxation."
She further said, "Introduction of updated IT returns, new form 26AS and pre-filling of tax returns have made filing simpler and easier. Average processing time has been reduced from 93 days in 2014 to 10 days this year, thereby making refunds faster."
Union Finance Minister Nirmala Sitharaman concluded her 57-minute budget speech on Thursday with a "Jai Hind" sign off. She presented the sixth budget today ahead of this year's Lok Sabha elections.
This interim budget, also known as a vote-on-account, is a temporary financial plan presented by the government when it doesn’t have the time or mandate to present a full budget. The full budget will be presented in July by the incoming government, whether a re-elected or new one.
The middle class was eagerly awaiting some income tax reforms that would enable them to curtail their tax outgo. The middle class was expecting that there would be a rise in some tax exemption limits available under various sections like, Section 80C, and Section 80D.
Know what the income tax slabs under the new tax regime are for FY 2023-24
For an income up to Rs 3 lakh - Nil
From Rs 300,001 to Rs 600,000 - 5%
From Rs 600,001 to Rs 900,000 - 10%
From Rs 900,001 to Rs 1200,000 - 15%
Over 1,500,000 - 30%