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Personal Taxation Announcements in Interim Budget 2024: Though the government refrained from announcing any major populist measure, the finance minister provided some relief to individuals as well as startups
Unlike the tax rebate (available on incomes up to Rs 5 lakh and Rs 7 lakh, respectively, under the old and new tax regimes), a hike in the basic exemption limit will reduce the tax liability across income slabs
The Budget is crucial this year as it is the election year and the government holds the key. All eyes are on Finance Minister Nirmala Sitharaman on how the NDA government would balance the fiscal goals and electoral appeal.
Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget 2024 on February 1. It is speculated that as a pre-election gift, the Modi government may increase the income tax exemptions.
Concerns over claiming tax treaty benefits and simplification of withholding tax guidelines.