The Interim Union Budget for 2024 has been presented, serving as a temporary financial plan until the new government presents its budget post-elections. This interim budget does not introduce many changes but instead focuses on the government’s objectives and targets if it comes into existence.
Key Highlights
- Corporate Tax Rate: The corporate tax rate remains unchanged at 22%.
- Income and Indirect Tax Rates: There are no changes in the income tax rates and indirect tax rates.
- Income Tax Exemption: Income up to 7 lakhs is exempted from tax under the new tax regime.
- Processing Time of Income Tax Returns: The processing time of income tax returns has been reduced from 90 days to 10 days since the year 2013-14.
- Presumptive Taxation Scheme: The turnover threshold limit under the Presumptive taxation scheme has been increased to 3 Crores for business and 75 Lakhs for professions.
- Prefilling of Returns: Prefilling of returns has made the filing of returns easier, leading to a 2.4 times increase in the filing of returns.
- Housing Plans: The government plans to build around 2 Crore houses.
- Electrical Vehicles: There is a focus on increasing the number of electrical vehicles.
- Women Empowerment: The budget emphasizes women empowerment.
- Youth Empowerment: The government aims to provide jobs to empower the youth.
- Start-ups: Benefits given to Start-ups which are expiring will be extended to March 2025.
- Medical Colleges: More medical colleges are to be set up.
- Tax Demands: Withdrawal of outstanding disputed tax demands will benefit 1 Crore taxpayers.
- Development of Eastern States: The government will focus on the development of Eastern States.
- Tourist Centers: There is a focus on the development of tourist centers.
Looking Ahead
As common citizens, we must wait for the elections so that the new government can then present a full-fledged budget. However, we can ascertain from the interim budget that the government will focus on capital expenditure and infrastructure development. It also highlights the importance of women and youth empowerment and the development of the tourism sector. This interim budget serves as a roadmap for the government’s objectives and targets, providing a glimpse into the potential future of our economy.
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Nice analysis of Interim Budget Mam.
Clear interpretation of facts and description of the same in simple words is really commendable.
Looking forward for more such useful information from you mam.
Tax Guru is really providing a great platform to youth for enriching the knowledge