Union Budget 2024: FM Nirmala Sitharaman proposes Withdrawal of outstanding Income Tax demands upto FY 2015

The Union Finance Minister Nirmala Sitharaman has unveiled the Interim Budget 2024, emphasizing a dedicated focus on Social Inclusivity and Geographical Inclusivity, reflecting the government's commitment to a compassionate and all-encompassing approach.

The financial mantra of "Reform, Perform, and Transform" continues to guide the government's fiscal policies. In the final budget of the Second Narendra Modi government, the primary focus is on addressing the needs and aspirations of the "Garib, Mahilayen, Yuva, and Annadata" – the underprivileged, women, youth, and farmers.

For more details: Union Budget 2024: Key Highlights of Interim Budget Speech

One notable announcement is the withdrawal of outstanding direct tax demands, benefiting up to 1 Crore taxpayers. The relief measures include:

- Up to ₹25,000 for demands pertaining to FY10.

- Up to ₹10,000 for demands from FY11 to FY15.

Importantly, Finance Minister Nirmala Sitharaman clarified that there will be no changes in Income Tax Rates or Slabs.

For further insights into the direct and indirect tax announcements, visit: Key Tax-Regime Highlights of Union Budget

Further, the Finance Minister has announced that there are no proposals to change the direct tax and indirect tax rates including the import duties. Thus, there will be no change in the income tax slabs and also in the Goods and Services Tax ( GST ).

Read More: Interim Budget 2024: No Proposal to change Direct Tax and Indirect Tax Rates including Import Duties, says FM

To Read the full text of the Order CLICK HERE

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