Budget 2024: No Change In Direct Or Indirect Tax Rates

In a major update regarding the update on the tax slab rates, Union Finance Minister Nirmala Sitharaman declared on Thursday (1 February) that there would be no alterations to taxation in the 2024 interim Budget.

 “I do not propose any changes in tax rates in direct and indirect taxes including import duties”, she said.

Sitharaman emphasized the retention of existing tax rates for both direct and indirect taxes, including import duties.

Additionally, in her budget speech, the Finance Minister announced the withdrawal of all outstanding direct tax demands, specifically those up to Rs 25,000, providing a relief measure for taxpayers.

"Withdraw such outstanding direct tax demands up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers," FM Nirmala Sitharaman says in its budget speech.

Speaking on the fiscal deficit, Sitharaman mentioned that the government has revised down the fiscal deficit target to 5.8 per cent of the GDP.

Also Read: Budget 2024: Rs 1 Lakh Crore Corpus To Be Set Up To Encourage Private Research In Sunrise Sector, Says FM Sitharaman