Live Updates on the Income Tax Slab Budget 2024: The Union Budget 2024 was introduced in the Lok Sabha today, February 1, by Finance Minister Nirmala Sitharaman. Due to its timing in relation to the Lok Sabha Elections, this budget was only temporary. Both the former and new administrations' tax slabs remained unchanged, according to announcements. The FM's announcement of zero adjustments in direct and indirect taxes, including import duties, for the FY 2024–2025 has startled the industry, even though it is mostly consistent with previous interim budgets. After the General Elections and the formation of the new administration, the entire budget will be presented in July of this year. FM Prior to the budget, Sitharaman had stated that no significant announcements will be made because the polls are scheduled for April and May of this year.
The business was taken aback when FM declared that there will be no changes to direct or indirect taxes, including import charges, for the fiscal year 2024–2025. After the General Elections and the formation of the new administration, the entire budget will be presented in July of this year.
Since the polls are due in April and May of this year, FM Sitharaman had previously stated that there would be no significant announcements in this budget. The Modi government introduced several new income tax policies in Budget 2023. Making the new income tax regime the default regime was one significant announcement about personal taxes. The advantages of the previous tax system are still available to the populace, nevertheless.