Union Budget 2024:

 

Continuity in taxation:

Certain tax benefits to Start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units earlier expiring on 31.03.2024 extended up to 31.03.2025

Withdrawal of outstanding direct tax demand: –

  • Up to ₹25,000 pertaining up to FY10
  • Up to ₹10,000 for FY11-FY15

Expected to benefit approx. 1 crore taxpayers

Retention of same tax rates: –

  • For direct and indirect taxes, including import duties
  • For Corporate Taxes-22% for existing domestic companies, 15% for certain new manufacturing companies
  • No tax liability for taxpayers with income up to ₹7 lakh under the new tax regime

 

Budget Speech by Finance Minister