Income Tax Budget 2024 highlights: Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament House today, February 1. This was an interim budget prepared just before the Lok Sabha elections in the North Block
Income Tax Budget 2024-25 Highlights
Although largely in line with the historic interim budget, the FM’s announcement that direct and indirect taxes, including import duties, will remain unchanged for 2024-25 surprised the industry. The entire budget is scheduled to be submitted in July of this year, after the new government ventures take place. FM Sitharaman had earlier said that there will be no major announcements in this Budget as elections are scheduled to be held in April and May this year. In Budget 2023, the Modi government introduced several new income tax rules. A notable announcement regarding personal taxation was that the new income tax system would be the default system.
Mukesh Kochar- National Head of Wealth at AUM CapitalÂ
The interim budget appears to be very positive and pro-growth. A balanced budget that keeps the fiscal deficit low while the Finance Minister focuses on growth and welfare policies The roadmap developed over the past decade is reflected in this budget Focus on infrastructure, rail and renewable energy The energy, housing, and manufacturing industries will further expand. Capital investment will remain high and boost the economy in the long run.
Brings Changes in the Evolving WorkforceÂ
The interim budget appears to be very positive and pro-growth. A balanced budget that keeps the fiscal deficit low while the Finance Minister focuses on growth and welfare policies The roadmap developed over the past decade is reflected in this budget Focus on infrastructure, rail and renewable energy The energy, housing, and manufacturing industries will further expand. Capital investment will remain high and boost the economy in the long run
Growth Seen In Tax Payers and In Collections
2024 Income Tax Budget Live: Steady growth contributes to an increase in taxpayers and tax collections, says Tax & Pranay Bhatia, Partner, Regulatory Services, BDO India. Ahead of the elections in the coming year, there have been changes in taxpayers
More Voices On Support For the Financial SectorÂ
Focus on customs rationalization and compliance simplification, and steady growth in the financial sector have contributed to the increase which led to an urgent need to extend the deadline to March 31, 2024, to give new manufacturing companies a favourable 15% corporate tax rate, but this was not announced.
Financial Service Manoj Purohit, BDO India says-
Manoj Purohit, Partner and Head, Tax and Regulatory Services, Financial Services India, BDO saysThe Finance Minister is committed to the government’s clear commitment to strengthening financial services. I repeated my intention. He will support the development of the sector by continuing to support tax exemptions/incentives to the International Financial Services Center. The exemption expires on March 31, 2024
Important Articles To Read:
Union Budget 2024: Major Declarations Could Be Issued In The Interim Budget
Union Budget 2024 : Halwa Ceremony History and Why it is Important before Presenting Union Budget
