Budget 2024: No change in tax regime this year; check old, new tax slabs
Budget | February 01, 2024 13:50 ISTThe finance minister proposed to retain the same direct and indirect tax rates, including import duties.
The finance minister proposed to retain the same direct and indirect tax rates, including import duties.
Interim Budget will be presented on February 1 in Lok Sabha. This will be the last Interim Budget of this tenure of the Narendra Modi government at Centre, as Lok Sabha polls are scheduled to take place this year.
In order to provide a level playing field between the co-operative societies and companies, the government proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent, Finance Minister Nirmala Sitharaman announced.
While Indian corporates are expecting some key announcements which will enable them to reset their growth agenda, individual taxpayers are expecting some more disposable income in their hands to invest and consume more.
Urging the government for keeping the trading community on the priority list, the Confederation of All India Traders (CAIT) said on Thursday that the upcoming Union Budget should introduce a special income tax slab for the traders.
As the clamour grows for more money into the pockets of consumers and households to boost consumption in the economy, the government is discussing multiple options on cuts in personal income tax (PIT) in the forthcoming Union Budget. A final decision on personal Income Tax cuts will be taken by Prime Minister Narendra Modi in the next few days.
As Monday marks the second anniversary of GST rollout, former Finance Minister Arun Jaitley in a blog has said that the Goods and Services Tax may become a two-tier tax. He further said that most items of consumer use have been brought under the 18 per cent, 12 per cent and even 5 per cent category.
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