Income Tax Budget 2024: The Union Finance Minister further stated that the average time for refunds has been reduced from 93 days in 2013-2014 to just 10 days in the last year
Income Tax Slabs 2024-25, Budget News: Union Finance Minister Nirmala Sitharaman, while presenting the interim Budget on Thursday, said that there would be no changes to taxation and proposed to retain same tax rates for direct and indirect tax rates, including import duties.
The Union Finance Minister further stated that the average time for refunds has been reduced from 93 days in 2013-2014 to just 10 days in the last year. She added that the average real income of people has increased by 50%.
Months ahead of the Lok Sabha elections, tweaks in certain income tax rates are expected. The Budget will also likely focus on small tax measures so as to give a fillip to welfare spending.
The tweaks in the income tax rates will be especially for those at the bottom of the taxpayer pyramid. A hike in standard deduction along with a higher exemption limit to incentivise taxpayers to shift to the new income tax regime are likely.
Nirmala Sitharaman, during the last Budget, had made five major announcements on personal income tax to benefit the middle class. She also said that while the new tax regime would be the default, tax payers could opt for the old one. Sitharaman proposed to raise the rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime. Therefore, if an individual has opted for the new tax regime, he or she will not be required to pay any tax up to an annual income of Rs 7 lakh.
In the past, interim Budgets have not accounted for major changes. In 2019, the then Finance Minister Piyush Goyal had proposed a hike in standard deduction and the threshold for tax deducted at source, along with sops to farmers and pension cover for unorganised sector workers. Five years earlier in 2014, the interim Budget presented by P Chidambaram had announced a cut in excise duties for small cars, motorcycles, scooters and SUVs besides large and mid-segment cars, and tax relief for mobile handsets.
The Budget session of Parliament kicked off on January 31 and will continue till February 9. The Lok Sabha elections are expected to be held around April-May, following which the elected government is likely to present the full Budget in July
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- Gaurav Dewasi: With over 04 years of experience in the field of journalism, Gaurav Dewasi heads the editorial operations of the JK News Live as the Executive Writer
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Gaurav Dewasi: With over 04 years of experience in the field of journalism, Gaurav Dewasi heads the editorial operations of the JK News Live as the Executive Writer
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