In a widely anticipated move, Union Finance Minister Nirmala Sitharaman presented the interim Budget for 2024-25 in the Lok Sabha on February 1, maintaining a consistent approach to income tax slabs. As anticipated, the central government refrained from making any adjustments or imposing additional tax burdens on citizens, ensuring financial continuity.
Today, FM Sitharaman delivered the Union Budget 2024, marking it as an interim budget strategically timed just ahead of the Lok Sabha Elections. Notably, no alterations were declared in the tax slabs for both the old and new regimes, signaling a commitment to stability in the fiscal landscape.
This cautious stance aligns with FM Sitharaman’s earlier statement that the interim budget would steer clear of major announcements due to the impending polls in April-May this year. Looking ahead, the complete budget is scheduled for presentation in July 2024, post the formation of the new government following the Lok Sabha Elections.
Reflecting on Budget 2023, the Modi Government introduced a slew of new regulations for income tax, with a noteworthy emphasis on personal taxation. The key announcement involved establishing the new income tax regime as the default option, although citizens retain the flexibility to opt for the benefits of the old tax regime.
Stay informed with our real-time coverage of Budget 2024, delving into updates on Income Tax Slabs, the ripple effect on the Share Market, essential budget highlights, corporate responses, and a touch of humor with the latest memes circulating in financial circles.