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The interim budget 2024 has presented the some amendments and schemes to the general public as well as corporations.
Here SAG Infotech brings the complete news and relevant articles based on the interim budget 2024 which will give further insight into the expectations versus the reality of the budget for the common man. SAG Infotech will continue updating the section with timely updates on budget 2024.
1. Finance Minister Nirmala Sitharaman stated that the Goods and Services Tax (GST) has enabled a “one nation, one market, one tax” system. The tax reforms have expanded and deepened the tax base.
2. No changes are expected in tax rates for taxpayers who opt for the regular tax regime.
3. Many people are hesitant to choose the new tax regime. To increase its acceptance, the government may allow deductions under 80C in this regime.
4. The government has proposed the establishment of a corpus of INR 1 lakh crore, which will be funded through a 50-year interest-free loan. The purpose of this corpus is to provide long-term financing solutions with extended tenures and little to no interest rates.
5. No changes have been made to the tax slab, and presently no relief has been provided to income taxpayers. Tax is not charged on income up to Rs 7 lakh. The process of paying income tax has been streamlined to simplify it, and refunds are issued quickly. With the implementation of GST, the collection of GST has doubled, indicating a shift in the indirect tax system.
6. Petty, non-verified, non-reconciled, or disputed outstanding direct tax demands should be withdrawn.
– up to INR 25,000, upto FY 2009-10
– up to INR 10,000 for FY 2010-11 to FY 2014-15
