Income Tax Slab Budget 2024 Highlights: Finance Minister Nirmala Sitharaman today, February 1 presented the Union Budget 2024 in the Lok Sabha. This was an interim budget as it came just ahead of the Lok Sabha Elections. No changes were announced in the tax slabs in both the old and new regimes. Although largely in line with the historical interim budgets, the FM's announcement of zero changes in direct and indirect taxes, including import duties, for the FY 2024-25 has surprised the industry. The full budget will be presented in July this year after the new government is formed post General Elections. FM Sitharaman had earlier said that there would be no major announcements in this budget as polls are due in April-May this year. In Budget 2023, the Modi Government brought in multiple new regulations for income tax. One notable announcement about personal taxation was making the new income tax regime the default regime. However, the citizens have the option to avail the benefits of the old tax regime.
Where to read the Budget 2024 documents?
The interim Budget 2024 can be accessed through the Union Budget Mobile App available on Android, and iOS. After the Budget speech is over, you can also visit the web portal at www.indiabudget.gov.in.
Income Tax Budget 2024 Live: The trajectory of fiscal deficit has been kept low which is positive from a rating, FII flow and currency point of view, says Mukesh Kochar, National Head of Wealth at AUM Capital
The Interim Budget seems to be very positive and growth oriented.It is well balanced budget where the fm has been able to keep fiscal deficit low along with focus on growth and welfare measures.The road map which they have created in last 10 year has been extended further in this budget with focus on Infrastructure, Railway, Renewable, Housing,manufacturing etc.Capital expenditure remains high whichbdrives the economy in the long term.Lower fiscal deficit will have impact on bond yield and yield of govt securities will come down further which already has reacted to the budget positively with around 8 bps down in yield.The trajectory of fiscal deficit has been kept low which is positive from a rating, FII flow and currency point of view.Corridor will port connectivity will reduce turnaround time hugely and will have very positive effect on the economy.Although it is an interim budget and final will come out post election only.
Income Tax Budget 2024 Live: Government’s increasing focus on inclusivity & growth will be vital in shaping the evolving workforce, says Chandan Barve
“The interim budget sets a positive tone as we progress towards the vision of a ‘Viksit Bharat’ and marks a new era of unprecedented development for India. The support of the government has been invaluable with the budget promising another good year for multiple sectors including Global Capability Centres (GCC), currently contributing 1% to Indian GDP, as per Nasscom. This sector is a major contributor to India’s digital transformation journey and the narrative has moved beyond cost differential to being a value generator. As one of the fastest growing sectors, the GCC spur has been aided not just through technological innovation but by also embracing ideas such as diversity and progressive workplace culture. The government’s increasing focus on inclusivity & growth will be vital in shaping the evolving workforce as well as the rapid development of a digital infrastructure," said Chandan Barve, VP and Chief Administrative Officer, Sun Life Global Solutions
Income Tax Budget 2024 Live: Steady growth have helped in the growth of taxpayers and tax collection, says Pranay Bhatia, Partner, Tax & Regulatory Services, BDO India
Pranay Bhatia, Partner, Tax & Regulatory Services, BDO India
Focus on rate rationalisation and simplifying the compliances coupled with steady growth have helped in the growth of taxpayers and tax collection. There was a pressing need to extend the timeline of 31 March 2024 providing beneficial rate of 15% corporate tax rate for new manufacturing companies, which has not been announced.
Income Tax Budget 2024 Live: The Finance Minister has echoed the Government’s clear intent to support the financial services sector, says Manoj Purohit
Manoj Purohit, Partner & Leader, Financial Services, Tax & Regulatory Services, BDO India: The Finance Minister has echoed the Government’s clear intent to support the financial services sector by continuing the tax exemptions/ benefits to the International Financial Service Center (IFSC). The tax exemptions about to expire on 31 March 2024 are now extended upto 31 March 2025. One may expect further extensions of tax benefits and other incentives for the IFSC in the final budget as the IFSC has created a robust gateway for global capital and financial services for the Indian economy. Moreover, initiatives like the announcement of India-Middle East-Europe Economic Corridor and the extension of tax benefits to sovereign wealth funds and pension funds of Middle-East will place India at a strategic position in terms of investment destination on the world map. With the Indian economy getting stronger the banking, insurance and other allied services will continue to provide the necessary support towards government’s vision of ‘Vikasit Bharat’ and USD 5 trillion economy.
Income Tax Budget 2024 Live: Tax buoyancy is expected to increase with a focus on simplified tax laws, easier compliance: Jiger Saiya
Income Tax Budget 2024 Live: Jiger Saiya, Partner & Leader, Tax & Regulatory Services, MSKA & Associates – a member firm of BDO International said, “Despite no major announcements, tax buoyancy is expected to increase with a focus on simplified tax laws, easier compliance, and efficient administration thereby increasing taxpayer confidence and encouraging compliance. This could result in an increased tax base."
Income Tax Budget 2024 Live: FM Sitharaman leaves income tax rates, and slabs unchanged
New regime tax slabs
-No tax would be levied for income up to ₹3 lakh
-Income between ₹3-6 lakh would be taxed at 5 per cent (tax rebate under Section 87A is available)
-Income between ₹6-9 lakh would be taxed at 10 per cent (tax rebate under Section 87A on income up to ₹7 lakh is available)
-Income between ₹9-12 lakh at 15 per cent
-Income between ₹12-15 lakh at 20 per cent
-Income of ₹15 lakh and above will be taxed at 30 per cent.
Old regime tax slabs
1) Income up to ₹2.5 is exempt from taxation under the old tax regime.
2) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old tax regime.
3) Personal income from ₹5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regime
4) Under the old regime personal income above ₹10 lakh is taxed at a rate of 30 per cent.
Income Tax Budget 2024 Live: DSP Mutual Fund on FM Sitharaman's interim budget
Sahil Kapoor, Head of Products, Market Strategist, DSP Mutual Fund
It is noteworthy that this is a budget entirely focused on fiscal consolidation and not populism, which was expected to be in focus because of the upcoming general elections. The most pleasing words from the budget: "No changes in taxation." It's a budget that focuses on the continuation of policy and doesn't introduce any surprises. It's a budget prepared to keep in mind that global fiscal expenditure may decrease this year, and the global monetary policy may tighten. The government has assumed an increase in total expenditure of 6.1% YoY in FY25. This is the lowest growth in 8 years, and less than half of the 8-year average of 12.4%. The budget has a negative fiscal impulse, with the gross fiscal deficit contracting by Rs. 49,000 crores and the primary deficit reducing by Rs. 1.8 lakh crores. The bond market has rejoiced with a drop in yields, and rightfully so. Gross and net borrowing for FY25 are lower than FY24. The fiscal deficit is expected at 5.1% for FY25, a reduction of 0.7%. With India getting included in global bond indices and the supply of Govt. Securities estimated to be lower, it will lift a major hurdle for the RBI to exercise a more neutral to easy monetary policy - advantage duration funds
Income Tax Budget 2024 Live: Expert view on interim budget
“In furtherance of improvement in taxpayer services and in addition to withdrawal of outstanding direct tax demands up to twenty-five thousand rupees ( ₹ 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees ( ₹ 10,000) for financial years 2010-11 to 2014-15 which will benefit 1 crore taxpayers. The recent introduction and push for Faceless Assessment, new forms and prefilling of returns has made the tax return process simpler, easier and has reduced average processing time from 93 days in 2013-14 to 10 days in recent time," said Manmeet Kaur, Partner at Karanjawala & Co.
Income Tax Budget 2024 Live: No major policy changes from direct tax perspective
"There are no major policy changes from a direct tax perspective. In a few cases, the cut-off date has been extended from 31st March, 2024 to 31st March, 2025 for availing certain exemptions/ tax concessions. "This includes the last date for incorporation of companies/ LLPs to qualify as eligible startups for tax exemption under section 80-IAC, the window in which specified investments made by certain offshore sovereign wealth funds/ pension funds qualified for tax benefits and cut-off date for setting up of offshore banking units or other units in IFSC to qualify for tax exemptions on certain specified income. Interestingly, there is no extension of time limit for commencement of manufacturing operations by new companies intending to claim concessional tax rate of 15% under section 115BAB," said S.Vasudevan, Executive Partner at Lakshmikumaran & Sridharan Attorneys
Further, there is no statutory amendment proposed in the Income Tax Act to implement to withdrawal of small-disputed tax demands announced by the Finance Minister during her speech. We need to wait for further announcements in the form of instructions or circulars to understand the exact scope and coverage of such a scheme, added S.Vasudevan
Income Tax Budget 2024 Live: High TDS and income tax rates continue to be hurdles, says Dilip Chenoy
"Considering that this was a Vote-on-account budget, we weren’t expecting any big movement during the session. We are eagerly anticipating changes to be announced post-election when the full budget is announced, and we are optimistic with respect to the state of the sector in the country. High TDS and income tax rates continue to be hurdles which have caused both creators and consumers to move out of India. This migration has significantly affected the prospects of Web3 in India. We have and will continue highlight such concerns to key stakeholders." said Dilip Chenoy, Chairman, Bharat Web3 Association.
Income Tax Budget 2024 Live: Many of the measures will aid job creation, says Sanctum Wealth's CIO
Budget 2024 Live: “The focus continues on inclusive development and infrastructure and housing in line with expectations. The budget further provides a meaningful boost to innovation and tourism through long-term financing and interest-free loans to the states. Many of the measures will aid job creation which is important considering Indian demographics," said Roopali Prabhu, CIO and Head of Products and Solutions at Sanctum Wealth
Income Tax Budget 2024 Live: FM maintains stability in personal income tax
Kuljeet Singh, Director of Finance at GI Group Holding
"Budget 2024 maintains stability in personal income tax slabs while emphasizing government spending on critical areas such as digital public infrastructure and tourism. The continuity in tax policies provides predictability for salaried individuals, while the increased budget Capex allocations underscore the government's commitment to economic development. As we analyze the detailed provisions, our focus remains on aligning our financial strategies with the evolving economic landscape. We are dedicated to supporting our workforce and capitalizing on the opportunities presented by the government's targeted investments in key sectors, ensuring both our organization and employees thrive in this dynamic environment."
Income Tax Budget 2024 Live: Decision to waive disputed direct tax demands provides relief to taxpayers
Raghvendra Nath, MD, Ladderup Wealth Management
"The interim budget for FY24-25, in line with expectations, sets a fiscal deficit target of 5.1% of GDP, reflecting the government's commitment to fiscal prudence and consolidation. This positions the country to achieve the 4.5% fiscal deficit target by FY25-26. A noteworthy 11% increase in capex spending to ₹11.1 lakh crore for FY24-25 is expected to drive economic growth. Additionally, the decision to waive disputed direct tax demands ranging from ₹10,000 to ₹25,000 until 2009-10 provides relief to taxpayers. Overall, the budget conveys a message of continuity and ensures no negative surprises."
Income Tax Budget 2024 LIVE: Memes galore after FM tax rates announcement
Budget 2024 LIVE: A flood of memes erupts on social media after no announcements are made on the income tax front, and tax rates are kept unchanged.
Income Tax Budget 2024 Live: FM Sitharaman disappoints salaried class, says ClearTax CEO
Archit Gupta, Founder and CEO, ClearTax
The FM has made it clear that her decision was in line with the convention of the Interim Budgets.
While no big-ticket reforms about the tax rates were expected in the interim budget 2024, taxpayers widely anticipated that the government would provide tax relief through a wider deduction base under Section 80C or a separate deduction for insurance premiums.
Income Tax Budget 2024 Live: Crypto expert on FM's interim budget
Ashish Singhal, Co-founder and Group CEO, PeepalCo
Crypto is experiencing a resurgence this year. The markets are showing positive growth, retail activity is increasing, and there is clear regulatory progress happening worldwide. However, due to it being an election year in India, the Interim Budget had limitations that prevented the necessary tax adjustments for the sector.
On a positive note, the Government of India now has the chance to introduce comprehensive crypto regulations and improved tax policies in the upcoming full Budget, with the full support of the electorate. We continue to urge:
i) Allow offsetting and carrying forward losses
ii) Reducing the TDS on VDAs, from 1% to 0.01%
iiI) and treating income from VDAs on par with other capital assets
Income Tax Budget 2024 Live: Promising to see long-term investments, says Nandini Mansingka
Nandini Mansingka, CEO of Mumbai Angels
Budget 2024 Live: The Union Budget announced looks very promising to see long-term investments with a significant increase in capital expenditure with initiatives in EV, agricultural tech, and logistics industry. The government is taking technology adoption across various sectors and usage very seriously and looking at ways technology can benefit everyone, also by providing a corpus of ₹1 lk cr will be established with 50 yr interest-free loan tech-savvy growth.
Income Tax Budget 2024 Live: No significant announcements regarding tax deductions
Pramod Kathuria, Founder and CEO of Easiloan
Budget 2024 Live: "In the interim budget maintained existing income tax slabs without major changes. The default option is now the new tax regime introduced last year, with the old regime remaining available for those who prefer it. Despite expectations, there were no significant announcements regarding tax deductions or exemptions. The budget continued its focus on rural development, allocating 2 crore houses under the PMAY-G scheme for affordable housing in rural areas.
The government also announced measures to alleviate tax burdens and streamline administration. The proposal includes waiving outstanding direct tax demands up to ₹25,000 for fiscal years up to 2009-10 and up to ₹10,000 for 2010-11 to 2014-15, benefitting approximately 1 crore taxpayers. This move aims to simplify tax administration. Additionally, the budget highlights achievements in processing tax returns, with the average time reduced from 93 days in 2013-14 to just 10 days, ensuring faster refunds and an enhanced taxpayer experience."
Income Tax Budget 2024 Live: WazirX on FM Sitharaman's budget
Rajagopal Menon, Vice President, WazirX
“We believe crypto and VDAs can be a force multiplier in achieving Viksit Bharat by empowering individuals at the grassroots level. Digital public infrastructure and the PM's aspiration for 'Anusandhan' will benefit from integrating provisions for long-term financing of domestic crypto projects given how India is at a pivotal phase in the Crypto revolution. We expect these developments to factor in the government's agenda along with our existing requests for a reduction in TDS rates to 0.01% and offset of losses for traders."
Income Tax Budget 2024 Live: Kotak Mahindra Bank on interim budget
Manish Kothari, President and Head Commercial Banking, Kotak Mahindra Bank
"A directionally positive interim budget - supporting continuity of all critical commitments made by the Govt related to - (a) Fiscal rectitude (managing, both the fiscal deficit for this year at 5.8% as well as confirming the estimates at 5.1% for the coming year and below 4.5% for the year after) and reducing the borrowings for the next year, leaving room for the private sector; (b) Continued capex growth in Infra with an increased outlay of 11.11 L crore and in Railways, Aviation, etc. - for a multiplier effect on the ground; and (c) Continued focus on supporting the four broad pillars (Poor, Women, Youth and Farmers) through various schemes - in a way lifting the bottom of the pyramid for overall progress of the nation!
Sometimes not wavering and treading the beaten path is the best thing!"
Income Tax Budget 2024 Live: Muthoot Finance MD on Interim Budget
George Alexander Muthoot, MD, Muthoot Finance
Budget 2024 Live: FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth, and prioritizing focus on four key sections of the economy - the poor, women, youth, and farmers. We believe the FM’s focus on higher outlay for infrastructure will help in boosting the broader economy and in the long term will boost investment activity. The government’s support to MSMEs, women entrepreneurs, and the agricultural sector aptly aligns with our aim to provide credit support to MSMEs, small business owners, farmers, and women entrepreneurs thereby addressing their economic needs. FM’s focus on addressing housing challenges by building two crore additional homes under the PM Awas Yojana-Grameen is certainly positive for boosting the housing sector. While inflation has been a concern globally, FM’s focus on staying on the path of fiscal prudence in the interim budget, will surely be an enabler for a stable interest rate scenario in the economy and bodes well for the overall financial sector.
Income Tax Budget 2024 Live: Expert on indirect taxes
Harsh Shah, Partner, Economic Laws Practice
Indirect tax rates, including import duties, have been retained. In the last few days before the Budget, rate change Notifications (e.g. parts of mobile phones) have been introduced under Customs law.
Income Tax Slab Budget 2024 LIVE: Tax benefits to startups
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 31.3.2024; to provide continuity, I propose to extend the date to 31.3.2025, said FM Sitharaman.
Income Tax Slab Budget 2024 LIVE: Expert views on no change in taxation proposed
Harsh Shah, Partner, Economic Laws Practice
Indirect tax rates, including import duties, have been retained. In the last few days before the Budget, rate change Notifications (e.g. parts of mobile phones) have been introduced under Customs law.
Income Tax Slab Budget 2024 LIVE: Tax reforms have increased tax collections, says FM
Tax reforms have widened the tax base and increased tax collections, FM Nirmala Sitharaman said.
Income Tax Slab Budget 2024 LIVE: Nishit Parikh on interim budget
"The average real income of people increased by 50%. This would boost consumption and facilitate further growth.
Capex outlays 3.4% of the GDP. This is up 11.11% year on year basis. This should further push the reforms in infrastructure which has been the focus of this government. More roads, airports, and trains would be some of the items on top priority of the Government.
Tax receipts for FY 25 are pegged to 26.02 lakh crores. This is in line with the Government's vision of increasing the tax base and boosting tax revenue. This is also visible from the increase in tax filers," said Nishit Parikh- Partner Direct Taxation, Sudit K. Parekh & Co. LLP.
Income Tax Slab Budget 2024 LIVE: Experts take
Budget 2024 Live: “To improve taxpayer services and for ease of business it has been announced that ₹25,000 tax demand up to the years 2009-2010 and Rs. 10,000 from 2010-11 to 2014-15, tax dues to be waived off by the Government. This move is going to de-clog tax recovery proceedings and litigation," said Manmeet Kaur, Partner, Karanjawala & Co.
Income Tax Slab Budget 2024 LIVE: Disappointment in personal taxation among the salaried class is valid, says Acube Ventures Ashish Aggarwal
"The Finance Minister's decision to not tinker with personal income tax slabs and rates in the Interim Budget is understandable from a prudence perspective. With global headwinds persisting, fiscal consolidation needs to balance against adequate capital expenditure to nurture growth.
However, individual taxpayers have legitimate expectations for some relief given elevated inflationary pressures and recessionary undertones in major world economies. Salaried professionals in particular have faced the double whammy of job market uncertainties and higher living costs without proportionate pay hikes from employers.
While the Budget speech references buoyant tax collections and stable GST implementation, that prosperity is yet to permeate to the middle class. Aspects like a higher standard deduction, enhanced housing loan interest exemptions, or a tweaking of 80C instruments would have provided some cushion. So some disappointment in personal taxation among the salaried class is valid. One hopes that as the macro fundamentals stay on track, there is room for pragmatic concessions on individual tax burdens sooner rather than later. For consumption-led growth to sustain, leaving more money in the hands of the middle class pays economic dividends," said Ashish Aggarwal, Director, Acube Ventures
Income Tax Slab Budget 2024 LIVE: No change in tax slabs
Budget 2024 Live: “As for tax proposals, in 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. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025," said FM Sitharaman
Income Tax Slab Budget 2024 LIVE: Tax status quo
Budget 2024 live: During the presentation of the interim Budget, Finance Minister Nirmala Sitharaman announced that there would be no alterations to taxation. She proposed to maintain the existing tax rates for both direct and indirect taxes, including import duties. "I propose to retain the same tax rates for direct and indirect taxes including import duties," says FM.
Income Tax Slab Budget 2024 LIVE: Hike in capital expenditure to over ₹11 trillion
Budget 2024 Live: FM Sitharaman announceshHike in capital expenditure to over ₹11 trillion
Income Tax Slab Budget 2024 LIVE: New housing scheme for middle class, announces FM
Budget 2024 Live: Government will launch housing scheme for the middle class to enable them to buy or build their own homes, says Finance Minister.
Income Tax Slab Budget 2024 LIVE: Inflation is moderate, says FM Sitharaman
Budget 2024 Live: "The economy is doing well. Inflation is moderate," says FM Sitharaman during interim Budget presentation.
Income Tax Slab Budget 2024 LIVE: Nirmala Sitharaman on GST
Finance Minister Nirmala Sitharaman said that Goods Service Tax (GST has" enabled 'one nation one market one tax'. "Tax reforms have led to deepening, widening of tax base," the Finance Minister said.
Income Tax Slab Budget 2024 LIVE: FM Sitharaman on 'Nari Shakti
“Female enrolment in higher education up by 28% in 10 years, in STEM courses, girls & women make 43% of enrolment, one of the highest in the world. All these steps are reflected in the increasing participation of women in the workforce. Making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, over 70 % houses under PM Awas Yojana to women have increased their dignity," says FM Sitharaman.
Income Tax Slab Budget 2024 LIVE: The new meaning of GDP!
Budget 2024 live: Governance, Development, Performance,,tThe new meaning of GDP
Income Tax Slab Budget 2024 LIVE: Old vs new tax regime, which is better?
Budget 2024 Live: The new regime, introduced in budget 2020, was made the default regime in budget 2023. Those opting for the new regime, however, cannot claim several exemptions and deductions, including HRA, LTA, 80C, 80D, and more.
Income Tax Slab Budget 2024 Live: We are working towards making India a Viksit Bharat by 2047, says FM
Budget 2024 Live: “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," said FM Sitharaman
Income Tax Slab Budget 2024 Live: FM presents Interim Budget in Lok Sabha
Budget 2024 live: Union Minister Nirmala Sitharaman presents the Union Interim Budget 2024-25 in the Lok Sabha. "...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."
Income Tax Slab Budget 2024 Live: Cabinet clears pre-election Budget 2024-25
Budget 2024 Live: The Union Cabinet headed by Prime Minister Narendra Modi on Thursday approved the pre-election budget 2024-25, sources said, PTI reported. Following this, Finance Minister Nirmala Sitharaman will present her sixth budget in the Lok Sabha.
Income Tax Slab Budget 2024 Live: Interest exemption on savings bank accounts
Budget 2024 Live: Another expectation from FM Sitharaman is that the exemption limit under Section 80TTA should be hiked from the current ₹10,000.
Income Tax Budget 2024 Live: FM to present Interim Budget shortly
Budget 2024 Live: Finance Minister Nirmala Sitharaman reaches Parliament to present the interim budget
Income Tax Budget 2024 Live : Income tax expectations
Budget 2024 Live: The middle class is hoping that Finance Minister Nirmala Sithraman will provide some income tax relief. Despite it being an Interim Budget as the Lok Sabha Elections are due in April-May, personal finance experts are hopeful of populist measures
-Hike in standard deduction
-Bring the National Pension System (NPS) under the new income tax regime
-Raise the limit of Section 80C
-Increase Section 80C limits
-Changes in income tax slab rates
Income Tax Budget 2024 Live: Suggestions on taxation of capital gains
Budget 2024 Live: Short-term capital gains of any nature, referred to as other short-term capital gains, except on listed equity shares and equity schemes are taxed at the slab rate applicable to you. So in the case of a non-resident individual, who is not entitled to claim rebate under Section 87A, and whose income does not exceed ₹5 lakh, is taxed @ 5% on such other short-term capital gains included in such income. "However short-term capital gains on listed equity shares and equity schemes are taxed at a flat rate of 15% even if his total income does not exceed the limit of ₹5 lakh where the regular slab rate is 5%. The 15% tax on short-term capital gains is supposed to be a concessional rate of tax but for the taxpayers at the bottom of the slab rates, the 15% tax rate on short-term capital gains becomes punitive as against the applicable rate of 5% for other short-term capital gains. This is an anomaly which needs to be removed by providing that short-term capital gains on equity shall not be taxed at a rate higher than the marginal slab rate applicable to the taxpayer," suggested Mumbai-based tax and investment expert Balwant Jain.
Income Tax Budget 2024 Live Updates: Some finance ministers in the past have announced doles for the middle class while presenting interim budget
Budget 2024 Live: The then Finance Minister Piyush Goyal in his interim Budget in 2019 had announced ₹75,000 crore outlay for PM KISAN Samman Nidhi scheme wherein farmers are paid ₹6,000 cash a year.
He also raised the standard deduction to ₹50,000, and came up with a tax rebate to ensure that individuals with income of up to ₹7 lakh per annum are not taxed.
In the pre-election Budget of 2014, Finance Minister P Chidambaram in the Congress-led UPA government slashed excise duty on cars, SUVs, two-wheelers, capital goods, and consumer durables to boost manufacturing.
Pranab Mukherjee too in his interim Budget in 2009 hiked the outlay for rural sector schemes to shield the economy from the aftermath of the global financial crisis triggered by the collapse of the US-based investment bank Lehman Brothers in 2008.
Jaswant Singh of the BJP-led NDA government in the 2004 pre-election interim Budget announced sops for central government employees.
Income Tax Budget 2024 Live: Expectations of the middle class — Revised Income Tax Slab Rates
Budget 2024 Live: The middle class is anxiously anticipating income tax reforms that would allow them to reduce their tax payments. There is an expectation within the middle class for an increase in certain tax exemption limits under various sections such as Section 80C and Section 80D.
Income Tax Budget 2024 Live: FM likely to announce small tax relief measures
Budget 2024 Live: Union Finance Minister Nirmala Sitharaman is likely to roll out small tax measures, and tweaks in certain income tax rates, especially for those at the bottom of the taxpayer pyramid.
Income Tax Budget 2024 Live: Personal finance industry seeks rationalisation of tax slabs and rates
Budget 2024 Live: "Given the current mood, we do not anticipate any populism in the budget. We do not expect that the Government will go for major announcements in an "interim budget", before the elections. They may signal their intent to continue on the path of pragmatic fiscal management with a continued focus on infra spending and spending on social infrastructure. One area where we may expect some positive relief is on personal income tax. There may be some rationalisation of tax slabs and rates. A budget which broadly reflects the past trends while laying down the big picture for the way ahead, may be welcomed by the market and be supportive of the economy", Satish Ramanathan,CIO Of equity, JM Financial Asset Management Ltd, said.
Income Tax Budget 2024 Live: Crypto industry players want 1% TDS to be slashed
Budget 2024 Live: Ashish Singhal, Co-founder and Group CEO, PeepalCo believes that the current TDS rate of one percent on crypto transactions should be slashed to 0.01 percent, besides the permission to offset losses from sale of virtual digital assets (VDAs), and treating income from cryptos on par with other capital assets.
“India introduced its tax provisions for VDAs during the 2022 Budget. While the industry welcomed the inclusion of VDAs in the tax law, certain provisions, such as the high TDS rate have led many users to move to non-compliant foreign exchanges to trade, putting themselves at risk of losing their investment and breaking the law. It also led to lesser tax revenues for the exchequer," says Singhal.
Vikram Subburaj, CEO of Giottus, concurs with the argument. “The 30% tax on profits and the 1% TDS, announced in the 2022 Budget, have taken away a chunk of Indian investors to foreign exchanges who are inherently non-compliant with Indian regulations. We believe this drain can be prevented if taxation is rationalised."
Income Tax Budget 2024 Live: Watch Video | Interim Budget copies arrive in Parliament
Budget 2024 Live: Interim Budget copies arrive in Parliament, Finance Minister Nirmala Sitharaman to present her sixth straight budget today
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