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Budget 2024 Tax Slabs: No change in tax regime even this year, check details

Sitharaman said that the fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP.

Nivedita Dash Edited By: Nivedita Dash @Nivedita0503 New Delhi Updated on: February 01, 2024 12:50 IST
Budget 2024 Tax Slabs: No change in tax regime even this
Image Source : PTI Budget 2024 Tax Slabs: No change in tax regime even this year, check details

Finance Minister Nirmala Sitharaman on Thursday presented the pre-election Budget for 2024-25 and highlighted Indian economy has been put on strong, sustainable growth path. Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and will present an interim or vote-on-account budget on Thursday. HIGHLIGHTS

"I propose to retain the same tax rates for direct and indirect taxes including import duties," Sitharaman added. Sitharaman announced that the government proposes to withdraw tax demand of up to Rs 25,000 up to 2009-10, to benefit 1 crore taxpayers.

She added, "...The revised estimate of the fiscal deficit is 5.8% of GDP, improving on the budget estimate notwithstanding moderation in the nominal growth estimates."

The focus of the government has been to improve services for taxpayers, she added. Sitharaman also said the government will set up a high-level committee to consider challenges posed by the fast-growing population.

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