New Delhi. Union Finance Minister Nirmala Sitharaman has presented the interim budget today. Lok Sabha elections are to be held in April-May. Usually the budget presented before the elections is called interim budget. After this, whichever government is formed, it has to present a full budget. In such a situation, it is believed that the government will present the full budget in July. At the same time, today the Union Minister presented the interim budget, in which he made many populist promises aimed at wooing various sections of the country. In such a situation, what effect these promises have on the ground level remains to be seen. Everyone’s eyes will be on this, but before that let us tell you in detail about the decisions taken regarding tax slabs in the budget.
Union Finance Minister Nirmala Sitharaman, presenting her sixth consecutive Budget, announced no changes in the income tax slab on Thursday (February 1).
Read more: https://t.co/SjUpQ3megg pic.twitter.com/B9JXSE7FcB
βThe Guwahati Times (@theghytimes) February 1, 2024
Let us tell you that no change has been made in the tax slab by the Modi government at the Centre. However, before the presentation of the budget, there was a strong possibility that the tax slabs could be cut in order to provide relief to the taxpayers on the economic front keeping in mind the upcoming Lok Sabha elections, but the Finance Minister did not make any cut in the tax. Didn’t make any changes. Meanwhile, he thanked all the tax payers of the country. The Finance Minister told the taxpayers that the government is using their money in the right place. Your money is being used for the development of the country, so you do not need to worry in any way.
New Income Tax Slab 2024-25: Tax rates to remain same, says Nirmala Sitharaman in interim Budget https://t.co/VKuOdtdgVC
β JKNEWS NATION (JKNN) (@Jknewsnation141) February 1, 2024
Although, last year the Union Finance Minister had given big gifts to the tax payers on the economic front, but this time when the Lok Sabha elections are also around the corner, he has not given any kind of relief to the tax payers. Earlier, tax was not payable on income up to Rs 5 lakh, which was later increased to Rs 7 lakh. Along with this, standard discussion of Rs 50 thousand was also given. Not only this, the government had also announced exemption for long term capital gains of more than Rs 10 crore. Now 20 percent tax is levied on it. Let us now show you the complete chart of new and old tax slabs.
Finance Minister Nirmala Sitharaman while presenting Interim Budget 2024 on 1 February 2024, kept the tax slab rates unchanged for both new and old income tax regimes.
Here’s what the existing tax rates are and will be for next financial year ππ½https://t.co/E01WHsi14N pic.twitter.com/hv8XDT3qYM
β The Indian Express (@IndianExpress) February 1, 2024