Live Breaking News & Updates on Income Tax Budget 2024
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The interim budget signals that the scope for significant changes in rates and incentives are no longer priority and if the dividend of higher taxpayers is to yield the desired revenues status quo may have to continue. ....
Income Tax Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman will present the interim budget for fiscal year 2024-25 on February 1, 2024. By definition, it will be a Vote on Account ahead of the Lok Sabha Elections scheduled later in April-May this year. Traditionally, the central government does not announce any significant reforms in the Votes on Account. "In Votes on Account, the tax structures and rates are generally not revised and significant changes to taxation are usually proposed in the subsequent full budget presented by the newly elected government," says Dr. Suresh Surana, Founder, RSM India. However, hopes are high from Sitharaman s last budget as middle-class taxpayers are eagerly waiting for some much-needed relief. More deductions in the new income tax regime, a hike in the standard deduction limit, and simplification of the capital gain tax regime are some of the demands of Indian income taxpayers from Budget 2024. 1) Tax deduction for contributin ....
Tax extensions extended for startups and businesses in Gujarat’s GIFT City, as well as sovereign funds and foreign pension funds will attract new investments in the long run. ....
While announcing the Interim Budget 2024, Finance Minister Nirmala Sitharaman announced that there have been no changes in the income tax rates and citizens can enjoy tax-free income up to Rs 7 lakh. ....