LIVE BLOG

    Income Tax Slabs 2024-25 Budget 2024 Updates: How will Budget 2024 impact you? Taxpayers must know

    02 Feb, 2024 | 04:48:55 PM IST
    Income Tax Slabs 2024-25 Budget 2024 Updates: How will Budget 2024 impact you? Taxpayers must know
    Income Tax Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman has presented the interim budget for fiscal year 2024-25 on February 1, 2024. By definition, it was a Vote on Account ahead of the Lok Sabha Elections scheduled later in April-May this year. "As this was an interim budget, it was expected that there would be no big bang announcements on the tax rate or any major amendments to tax laws. However, the FM's speech was a report card of the last ten years and how various schemes of the Government have not only aided the public but also industries," says Shashi Mathews, Partner, IndusLaw.

    The finance minister has also withdrawal of all outstanding disputed direct tax demand up to Rs 25,000 in her budget speech. The announcement has been made to provide the ease of living of the taxpayers. This move is likely to benefit around one crore tax payers, according to the minister. "This move should reduce burden on taxpayers, fostering a more conducive environment for compliance and economic growth," says Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP.

    "In the interim budget maintained existing income tax slabs without major changes. The default option is now the new tax regime introduced last year, with the old regime remaining available for those who prefer it. Despite expectations, there were no significant announcements regarding tax deductions or exemptions," says Pramod Kathuria, Founder and CEO of Easiloan.
    Show more
    1 New Update
    04:48:53 PM IST, 02 February 2024

    Income Tax Slabs 2024-25 Budget 2024 Updates: Industry lauds affordable housing initiatives in Budget

    Sarosh Amaria, Managing partner Tata Capital Housing Finance Ltd says,“We welcome the positive steps announced in the interim Budget 2024, particularly the continued focus on affordable housing initiatives like Pradhan Mantri Awas Yojana (PMAY) scheme to assist middle-class families to own homes. The increased allocation for infrastructure development will also create a positive effect, which would boost the demand for housing. We are particularly encouraged by the commitment to empower women homeowners, with higher percentage of houses assigned to them under the PMAY-Grameen Scheme. We believe these initiatives will further strengthen our Prime Minister’s vision of ‘Housing for All’ and contribute to inclusive and sustainable growth.”
    11:19:20 AM IST, 02 February 2024

    Income Tax Slabs 2024-25 Budget 2024 Highlights: 'Budget 2024 reflects a growth-oriented approach'

    Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance says: "The Interim Budget 2024 reflects a growth-oriented approach, particularly emphasizing the healthcare sector. The extension of health coverage under the Ayushman Bharat scheme to ASHA, Anganwadi workers, and helpers is commendable, especially for enhancing insurance penetration among women and to propel India towards 'Insurance for All' by 2047. Consolidating existing schemes for maternal and child healthcare into one comprehensive program promises smoother implementation. Additionally, the government's initiative to encourage vaccination against cervical cancer among girls aged 9-14 demonstrates a proactive stance toward preventive healthcare. These measures collectively signify a significant step toward safeguarding public health and promoting overall well-being. It sets a prudent foundation for India's robust future.”
    04:41:50 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: All tax announcements you must know

    Sanjiv Malhotra, Senior Advisor, Shardul Amarchand Mangaldas & Co points out

    Direct Tax:
    On the front, extension of the sunset clause for IFSC and start-ups was expected and delivered by the finance minister. I don’t understand the rationale of not extending the sunset clause (March 31, 2024) for new manufacturing units under section 115BAB. This seems contrary to the policy of the Government to promote manufacturing in India under the PLI scheme. I do hope that this is an error of omission, and we will see a notification to extend this benefit soon.

    Personal Tax:
    There is no change in the tax rates, which is consistent to the stated policy of the Government of having a stable tax regime. The salaried class will expect more concessions in the full budget later this year.

    Tax Disputes:
    Timelines for transfer pricing assessments, proceedings before dispute resolution panel and tax tribunals have been extended to March 31, 2025. This is a pragmatic step because it is better to give adequate time to the relevant authorities to examine the pending matters in-depth. The current workload on tax disputes is extremely high and lack of time, does impact the quality of orders being passed. Also, the proposal to withdraw low value tax matters (up to Rs 25,000) for pertaining to FY 2010 and matters with tax demand up to Rs 10,000 for FY 2011 to FY 2015, should help authorities create more bandwidth and focus on matters involving material tax amounts.
    04:24:34 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Significant emphasis on inclusive development in Budget 2024

    "The budget 2024 has placed a significant emphasis on inclusive development, setting the stage for India's transformation into a "Viksit Bharat" by 2047. This strides in the PM Awas Yojana Gramin, targeting the construction of 3 crore houses with an additional 2 crore in the next 5 years, underscore a substantial commitment to affordable housing. This approach holds immense promise for the interior designing, real estate, and infrastructure sectors, with the specific focus on uplifting the middle class. Anticipated growth in real estate demand and concurrent development in infrastructure present a myriad of opportunities in Tier II and Tier III markets as well. The announcement pertaining to boosting domestic and spiritual tourism will also give rise to real estate and related businesses in those areas. As the government proactively addresses housing needs and establishing collaborations with these sectors, there's a tangible potential for them to play pivotal roles in the transformative vision of the country," says Mr. Amit Parsuramka, CEO, Bonito Designs.
    03:51:48 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Ayushman Bharat health insurance coverage to all ASHA workers

    Parimal Heda, Chief Investment Officer, Digit General Insurance

    Expanding the scope of the Ayushman Bharat health insurance coverage to all ASHA workers, Anganwadi workers and helpers will bring an additional over 3 million health workers under the insurance umbrella and is a thoughtful token of appreciation to this community that acted as the frontline workers during the Covid pandemic. The social security this provides will aid in redefining healthcare in our country and further strengthen the grassroot-level healthcare ecosystem on a whole. However, expanding the scope of insurance coverage from the current Rs 5 lakh to Rs 10 lakh in the future can ensure this vulnerable segment is adequately protected against rising medical inflation and healthcare costs in the future.
    03:28:58 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: No significant changes in direct tax

    "The budget has not made any significant changes to the direct tax landscape. Given that this was an interim budget hopes were not high of ground breaking reform. The end outcome can be said to be confident or cautious depending on the lens that you look at this from," says Pallav Pradyumn Narang, Partner, CNK.
    03:08:45 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Key Budget announcements for taxpayers

    Deepashree Shetty, Partner, Tax & Regulatory Services, BDO India LLP sums up key announcements of Budget 2024:
    • Considering this is an Interim Budget, no changes are proposed in the personal tax rates. Individual taxpayers need to continue analysing the effective tax regime selection i.e. old vs. new tax regime.
    • Since rationalisation and reduction of personal tax rates have happened in the recent Finance Budgets, no changes are proposed in the Interim Finance Budget 2024.
    • The Finance Ministry has hailed several measures taken by the Government over the recent years to improve taxpayer services. This included simplification and pre-filled ITR forms, updated tax returns, access to Form 26AS and other information, faster processing of tax returns to average 10 days enabling quicker tax refund credits, faceless assessments, etc. These have improved the overall approach and experience of taxpayers.
    • The Finance Minister’s proposal to improve taxpayer services included waiving-off outdated outstanding direct tax demands. This is a welcome move as several individual taxpayers received notices for petty outstanding demands or their refunds were stuck for demand adjustments. The proposal would benefit several taxpayers with demand up to Rs 25,000 (for period up to FY 2009-10) and up to Rs 10,000 (for period covering FY 2010-11 to FY 2014-15). The CBDT should come out with the mechanism for making such adjustments.
    02:31:43 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: What you got in Budget 2024

    "The Interim Budget 2024 presents a prudent stance on taxation, opting to maintain the existing tax rates for both direct and indirect taxes, including import duties. While no sweeping changes have been introduced, the extension of the tax holiday for eligible start-ups until March 31, 2025, is a commendable move, providing crucial support to nascent businesses during their formative years. Similarly, the extension of the deadline for sovereign wealth or pension funds to invest in infraprojects, thereby qualifying for tax exemptions under section 10(23FE), reflects a forward-looking approach to incentivizing capital-intensive projects," says Sumit Kochar, Managing Partner, Dolce Vita Advisors.
    02:09:22 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: All you need to know

    "In the interim budget maintained existing income tax slabs without major changes. The default option is now the new tax regime introduced last year, with the old regime remaining available for those who prefer it. Despite expectations, there were no significant announcements regarding tax deductions or exemptions," says Pramod Kathuria, Founder and CEO of Easiloan.
    01:29:22 PM IST, 01 February 2024

    Income Tax Slabs 2024-25 LIVE Updates: 'Budget 2024 has prioritised the betterment of the economically weaker sections'

    Rahul Mehrotra, MD & CEO, RHDFC, says," The Interim Union Budget 2024 has prioritised the betterment of the economically weaker sections, women, farmers and the youth, recognising their crucial role in nation building. The pledge to build an additional two crore houses in the next five years under the PM Awas Yojana Grameen is laudable. It underscores the government’s commitment to ensuring housing for all. Sitharaman's announcement of an upcoming scheme targeting the middle class, especially those living in rented houses, slums, and unauthorized colonies, is a positive stride towards inclusive growth. Anticipating a comprehensive roadmap for Viksit Bharat in the Full Budget this July, we believe it will reinforce the government's dedication to economic development and welfare."
    01:06:20 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Full fiscal picture will drop in July 2024

    "The full fiscal picture will drop in July 2024. For now, they are keeping it balanced and far-sighted. Vote on account Budget 2024 skips to touch the reforms to be brought in indirect taxation. No major proposals will surely delay the industry expectation to final budget post-election," says Sanjay Chhabria, Director, Indirect Tax at Nexdigm.
    12:41:00 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Key Budget announcements that will benefit you

    What common man got in Budget 2024, as per Anuj Puri, Chairman, ANAROCK Group

    • PM Awas Yojana (Gramin): Despite all the challenges, the implementation of this scheme continued, achieving the target of close to 3 crore houses and now aims for two crore more houses to be taken up in the next five years.
    • Housing for the middle class: The government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorised colonies, to buy or build their own houses. This is likely to free encroachment areas like slums for easier redevelopment.
    • Capex outlay allocation to be increased by 11.1% to Rs 11,11,111 lakh Cr, accounting for 3.4 % of GDP - This will unlock the potential for real estate development across assets because major part of this allocation will be used for various infra upgrades and new projects.
    • Transit oriented development in urban areas: This may give a boost to housing demand in cities and lead to rise in residential prices.
    • Development of iconic tourist centres: This is likely to favourably impact the hospitality sector with hotels and restaurants across categories. Moreover, long-term loans proposed to states for tourism.
    • Extending tax benefit to startups for another year: This may help the office real estate to rejuvenate.
    12:30:32 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: What was the "most comforting announcement" for taxpayers in Budget 2024?

    Sujit Bangar, Founder, Taxbuddy.com, says "The most comforting announcement is about the scrapping of petty income tax disputed demands outstanding for many years. This announcement is in line with the government's earlier initiatives to reduce litigation. Tax rates and regimes have remained unchanged, with no proposed changes in personal taxation. This might be a little disheartening for those expecting a few such announcements."
    12:22:51 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Up to Rs 15,000-18,000 savings in a year for households from free solar electricity

    What Budget 2024 announces on rooftop solarisation and muft bijli:a) Through rooftop solarisation, one crore households will be enabled to obtain up to 300 units free electricity every month. This scheme follows the resolve of Prime Minister on the historic day of consecration of Ram Mandir in Ayodhya. Following benefits are expected.a) Savings of up to Rs 15,000-18,000 annually for households from free solar electricity and selling the surplus to the distribution companiesCharging of electric vehiclesb) Entrepreneurship opportunities for a large number of vendors for supply and installation;c) Employment opportunities for the youth with technical skills in manufacturing, installation and maintenance
    12:17:49 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: 'To improve ease of living and ease of doing business'

    "Moreover, in line with our Government’s vision to improve ease of living and ease of doing business, I wish to make an announcement to improve tax payer services. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax payers and hindering refunds of subsequent years. I propose to withdraw such outstanding direct tax demands up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers," says FM.
    12:11:53 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Outstanding direct tax demands of up to Rs 25,000; what FM says

    "Withdraw such outstanding direct tax demands up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers," FM Nirmala Sitharaman says in its budget speech.
    12:08:47 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Lakhpati Didi scheme, how it will help

    Adhil Shetty, CEO, Bankbazaar.com says, "The expanded scope of the Lakhpati Didi scheme is not merely an increase in numbers but a catalyst for fostering confidence among women. By enhancing the benefits and extending the reach of this initiative, the government aspires to enable women to achieve financial independence. The scheme serves as a platform for women to take charge of their financial destinies, offering them the means to efficiently manage their lives economically. This announcement resonates with the broader goal of promoting gender equality and economic empowerment."
    12:01:23 PM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Direct tax demand of up to Rs 25,000 withdrawn

    The Finance Minister Nirmala Sitharaman has announced withdrawal of all outstanding direct tax demand of up to Rs 25,000 in her budget speech.
    11:55:54 AM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: What FM announces on personal tax front

    "I do not propose to make any changes in tax. Retain same tax rates for direct and indirect taxes including import duties," says FM
    11:47:56 AM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Ayushman Bharat cover extended to all Anganwadi and Asha workers

    Ayushman Bharat cover will be extended to all Anganwadi and Asha workers, Finance Minister Sitharaman announced. She also added that all maternal and child healthcare schemes will be brought under one comprehensive scheme. Furthermore, the government is enhancing the target for Lakhpati Didi scheme to Rs 3 crore from Rs 2 crore, says finance minister while announcing Budget 2024.
    11:42:25 AM IST, 01 February 2024

    Budget 2024 Income Tax Live: Affordable housing to be more accessible

    Adhil Shetty, CEO, Bankbazaar.com, says, "The government has consistently directed its efforts towards fostering inclusivity and ensuring adequate living spaces for all. With the recent announcement of constructing an additional two crore houses under the Pradhan Mantri Awas Yojana — Gramin, the emphasis is on expanding affordable housing options for the rural population. This strategic move not only addresses the housing needs of rural communities but also injects momentum into the housing sector in these areas. By making affordable housing more accessible, the initiative aims to instill confidence in the rural populace, fostering a sense of security and pride as they embark on the journey of residing in their own homes."
    11:39:19 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Affordable middle-class housing scheme coming soon, says FM

    The government will help housing for the middle class living in rented or slums or unauthorized colonies to build or buy their own houses, Sitharaman said during the Budget speech.
    11:32:26 AM IST, 01 February 2024

    Budget 2024 Income Tax Live: Average real income jumps by 50%

    Finance Minister Nirmala Sitharaman in her Budget 2024: "There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects."
    11:30:14 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: One crore households will get up to 300 units of electricity every month with rooftop solarisation, says FM

    11:25:15 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: PM Mudra Yojana sanctions 43 crore loan, says FM

    PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs 22.5 lakh crore for entrepreneurial aspirations of our youth — Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth, says FM.
    11:22:26 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: What market wants from FM today, as per ICRA analytics

    • Cryptocurrency: Markets seek a more comprehensive policy on crypto currency regulation.A regulatory framework may result in a more inclusive participation in the crypto market.
    • Sovereign green bonds: The stage is set for sovereign green bonds to make a comeback in the Budget as green bonds address the funding requirements for wind, power and hydropower sector.
    • Energy Transition Fund: A mega capital outlay may be earmarked for energy transition and net-zero objectives. Government is expected to focus on new-age fuels — green hydrogen, ethanol, and other biofuels.
    11:18:51 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: 11.8 crore farmers are benefitted from PM Kisan Samman Yojana every year

    Under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers every year. Crop insurance is given to four crore farmers under PM Fasal Bima Yojana. These are assisting farmers in producing food for the country and for the world
    11:13:55 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Addressing systemic inequalities, says FM in Budget 2024

    FM says: For our government, social justice is an effective and necessary governance model. Saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism. There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities. We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays, so that socioeconomic transformation is achieved
    11:12:42 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Focus on four groups

    We need to focus on the poor, women, youth and farmers/anna data. Their needs and aspirations and welfare are our highest priority. All four require and receive government support, their empowerment and well being will drive the country forward: FM
    11:09:44 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: Budget 2024 starts

    Focus on four major classes for welfare: Youth, Women, Poor and Farmers, says FM.
    11:07:28 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: Will Budget tweak Section 80TTA?

    Sanchit Vijay, Partner, Corporate Professionals, says, "Addressing the long-standing demand from market participants, a reconsideration of the tax exemption limit on savings accounts under Section 80TTA is essential. This move would provide relief to individuals amidst economic challenges, particularly in a climate of reduced household savings rates and increased prices of essential commodities."
    11:04:17 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: FM Sitharaman starts her final budget ahead of the elections

    11:00:44 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: What is the new income tax regime?

    New income tax regime: What are the income tax slabs and income tax rates under the new income tax regime?

    • From 0 to Rs 2,50,000: Nil
    • From Rs 2,50,001 to Rs 5,00,000: 5%
    • From Rs 5,00,001 to Rs 7,50,000: 10%
    • From Rs 7,50,001 to Rs 10,00,000: 15%
    • From Rs 10,00,001 to Rs 12,50,000: 20%
    • From Rs 12,50,001 to Rs 15,00,000: 25%
    • From Rs 15,00,001 and above: 30%
    10:52:31 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: Will there be any change in mutual fund taxation?

    Taxation rules for debt mutual funds were changed last year, starting 1 April from 2023. Now, returns from debt instruments like FDs, debt mutual fund, bonds, and Non-convertible debentures (NCD) are all taxed at the slab rate for investors. Thus, aligning taxation of all debt instruments. Short-term gains on equity are taxed at 15%, and Long-term capital gains (above one year) on equity and equity mutual funds are taxed at 10% without indexation. "The government would want to continue to draw in long-term capital to equity markets, and thus, incentives in the form of lower taxes compared to debt investments are likely to continue. We do not expect any changes in taxation on equity or debt gains in this budget," says Sapna Narang, Managing partner, Capital League.
    10:48:19 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: More tax deductions could help the insurance sector

    Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance says, "India is a price-sensitive market where people want to derive maximum value from anything they buy. A tax benefit therefore acts as a nudge for people to purchase health insurance cover. Many customers today consider buying health insurance, as apart from offering financial protection in case of a medical emergency, it also offers additional tax benefits under section 80D. Hence it becomes easier for customers to think about buying insurance from a savings standpoint. 80D tax exemption limit should be linked to inflation and revised periodically to adjust for inflation. As an industry, we would like to see an increase in the current limit of 1 lakh to claim tax deductions under section 80D as it would encourage more people to opt for health insurance. Also, tax deductions for insurance purchases should be a part of the new tax regime that the government has rolled out. Policyholders can currently claim a deduction of up to Rs 25,000 when they purchase health insurance for their parents who are less than 60 years of age and Rs 50,000 if parents are over 60 years of age. Given that senior citizens need health insurance the most, the government can consider increasing this limit to allow a deduction of 50,000 for parents less than 60 years of age and Rs 1 lakh for parents above 60 years of age. This tax benefit will encourage more people to opt for health insurance for their elderly parents. Additionally, tax exemptions should also be allowed for dependant family members such as brothers and sisters."
    10:41:01 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Top budget wishlist

    Ankit Agrawal, CEO and Co-Founder InsuranceDekho, says, "In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfill Prime Minister Modi’s dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration multiplies the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries."
    10:30:48 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Get set for Budget 2024

    The cabinet approved the Interim Budget for fiscal year 2025 on Thursday. Finance Minister Nirmala Sitharaman will present budget shortly.
    10:28:33 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Top expectations from Budget 2024

    Top tax-related expectations from Budget 20241) Hike in standard deduction limit2) Inclusion of National Pension System (NPS) under new income tax regime3) Enhanced limit for housing loan interest4) Increase the limit of Section 80D
    10:05:45 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: What to expect from Budget 2024?

    BK Bajaj, CEO, Informerics Ratings and Valuation, says, "The Budget 2024, despite being a ‘Vote on Account’, has aroused high expectations because India has emerged as a global growth driver and the widespread belief that the policy initiated by this government are likely to return to power. Despite the constraints of a Vote on Account, we expect that Government will continue with thrust on fiscal consolidation, easements of business and taxation laws, infrastructure, MSMEs, and financial inclusion. The Government could also focus on expanded PLI (production-linked incentive) scheme, to give a fillip to the manufacturing sector rural welfare with an accent on the farmer income transfer, housing for all. Policy changes aimed at encouraging innovation and streamlining regulatory frameworks would provide a fillip to the BFSI sector. We expect a clear message that the process of reforms initiated in various sectors is here to stay and gain momentum. But while influencing the process and pattern of economic growth and structural transformation, there could be a sharper focus on the needs of the people at the bottom of pyramid."
    09:56:39 AM IST, 01 February 2024

    Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Finance Minister Nirmala Sitharaman reached Parliament to present Interim Budget today

    09:46:26 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: What insurance industry wants from Budget 2024

    Shanai Ghosh, MD & CEO, Zuno General Insurance says, "The forthcoming Budget 2024 holds significant importance, especially considering the IRDAI’s vison of insurance for all by 2047. Policy measures will add an impetus to the Industry’s effort in this direction. One of the suggestions that can be considered would be an increase in limits under Section 80D, along with a revision in the CBDT’s family definition for claiming 80D deduction. Extending this benefit to domestic partners, particularly in support of the LGBTQIA+ community, would be a progressive move towards inclusivity. Separate deductions under home insurance, especially for home loan borrowers could also be considered to improve the penetration is this segment which is currently negligible. We would also to recommend that 5% GST on room rent of Rs 5,000 and above be removed, especially in metros given the prevailing prices in major private hospitals. These measures would not only help increase insurance penetration and accessibility but also foster a more equitable and inclusive economic landscape for all."
    09:31:00 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: First glimpse of FM's bahi khata

    09:23:51 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: 'Interim budget will introduce much-needed reforms'

    Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance says that the industry is hopeful that the interim budget will introduce much-needed reforms to incentivize the purchase of insurance and enhance the industry’s efforts to increase insurance penetration within the country. With a significant number of people heading towards retirement age in the next decade, incentivizing the purchase of products in the pension category becomes crucial in this interim budget. It is recommended that life insurance annuity or pension products be aligned with the National Pension Scheme (NPS). We also advocate for an additional deduction of Rs 50,000 or more. "Additionally, similar initiatives will be required across our product categories, including pension products, ULIPs, and even traditional plans. I believe customers will benefit from them and will have more reasons to invest in the industry for their long-term financial goals, thereby fuelling India’s development," he says.
    09:18:42 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Budget 2024 could clarify these issues

    Provide clarity on taxation of employer’s contribution to specified funds in excess of Rs 7.5 lakhs and ‘accretions’ thereon – clarify aspects such as identification of fund to which excess contributions are made, meaning of ‘accretions’ in case of superannuation fund/NPS and computation methodology, says EY in its pre-budget memorandum.
    09:14:30 AM IST, 01 February 2024

    Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Hike Section 80D limit in Budget 2024, asks industry

    Insurance industry wants finance minister to hike the Section 80D limit in Budget 2024. Explaining the urgent need to increase the limit of Section 80D, Krishnan Ramachandran, MD & CEO, of Niva Bupa Health Insurance says, "Many customers today consider buying health insurance, as apart from offering financial protection in case of a medical emergency, it also offers additional tax benefits under section 80D. Hence it becomes easier for customers to think about buying insurance from a savings standpoint. Section 80D tax exemption limit should be linked to inflation and revised periodically to adjust for inflation. As an industry, we would like to see an increase in the current limit of 1 lakh to claim tax deductions under section 80D as it would encourage more people to opt for health insurance."
    09:03:01 AM IST, 01 February 2024

    Income Tax Slabs Budget 2024 LIVE Updates: Tax on dividends distributed by domestic companies to be restricted to 20%

    Under the existing provisions of the Income-Tax Act,1961, there is a double taxation of income in case of companies – firstly the companies pay corporate tax and then the shareholders pay tax on the dividends. In case of resident individual shareholders, the tax on dividends can be as high as 35.88%. On the other hand, non-residents are liable to tax on dividends @ 20% (plus surcharge and cess) which gets further lowered by Double Tax Avoidance Agreements to 5%-15%. In order to reduce the cascading effect of double taxation, it is expected that the maximum tax on dividends distributed by domestic companies in the hands of resident shareholders be limited to 20% (plus surcharge and cess).— Dr. Suresh Surana, Founder, RSM India, says
    08:44:16 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax Slabs: Know why Budget should increase Section 80D limit

    Chakravarthy V., Executive Director and Co-Founder, Prime Wealth Finserv Ltd says

    Increase in 80D Deduction Limit: We expect the deduction limit under Section 80D for medical insurance premiums to be raised. The proposed change suggests increasing the limit from ₹25,000 to ₹50,000 for individuals and from ₹50,000 to ₹75,000 for senior citizens. This adjustment would reflect the rising costs of healthcare. Additionally, extending the Section 80D benefits to the new tax regime could promote more equitable access to healthcare.
    08:35:01 AM IST, 01 February 2024

    Income Tax Slabs Budget 2024 LIVE Updates: Higher tax deduction for medical insurance premiums, want experts

    Section 80D of the Income-Tax Act, 1961, provides a tax deduction of up to Rs 25,000 for paying premiums of medical insurance policies. There has been a spike in the health insurance premiums due to the covid pandemic and inflation as well as need for higher coverage. Further, the cost of medical treatment has been doubled in the last five years. Considering all these aspects, there is a need to enhance the threshold from existing Rs 25,000 to Rs 50,000 for non-senior citizens and for senior citizens from Rs 50,000 to Rs 75,000, say many experts.
    08:28:30 AM IST, 01 February 2024

    Income Tax Slabs Budget 2024 LIVE Updates: What common man wants from Budget 2024, as per ICRA pre-budget note

    ICRA Analytics Note on Budget for FY2024-25

    Removal of security transaction tax (STT): The markets have had this demand for removal of STT for a few years now and as the GST collection went up, this demand has again gained traction. The move will attract more investors to invest in domestic equity markets.

    Double taxation on dividend: The company pays tax on its profit and at the same time the government levies tax on dividends in the hands of shareholders resulting in double taxation on dividends. Thus, a relief from double taxation on dividends will be appreciated by the markets.
    08:19:29 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: Redefine the definition of affordable housing, say experts

    A major focal point for the government continues to be affordable housing. We suggest an increase in the cap for interest rate deduction under Section 24(b) from Rs 2 lakh to Rs 5 lakh per annum. Additionally, there's a call to redefine the definition of affordable housing, proposing an increase in the cap from Rs 45 lakh to Rs 1 crore, particularly in metro cities. This change is expected to significantly boost both affordable and mid-segment housing, says Sandeep Runwal, President, NAREDCO Maharashtra.
    08:12:32 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: 'High time to increase tax deduction for homebuyers'

    Prashant Rao, Managing Director, Poulomi Estates, a Hyderabad based real estate developer, has also appealed Finance Minister Nirmala Sitharaman to thoroughly consider increasing the income tax deduction applicable to home loan repayments. The current deduction of Rs 2 lakh against home loan interest has remained unchanged for the past decade, with the last adjustment being an increase of Rs 50,000 in 2014. Considering the rise in property prices, the borrowing amounts have escalated substantially, besides that interest rates has gone up as well, resulting in higher EMIs for homebuyers. It is imperative for the government to consider doubling the home loan interest deduction limit to Rs 4 lakh. This measure would provide substantial relief to potential homebuyers and contribute to an economic boost.
    08:03:43 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: What homebuyers want from Budget 2024

    Will Budget 2024 bring some much-needed relief for homebuyers? Like every year, homebuyers are expecting some tax benefits from the finance minister. "One key expectation is to elevate the current Rs 2 lakh tax rebate on housing loan interest under Section 24 of the Income-Tax Act, 1961, to a minimum of Rs 5 lakh," says Piyush Bothra, Co-Founder and CFO, of Square Yards. This adjustment is crucial to bolster housing demand, especially within the affordable housing segment."Additionally, a reassessment of the price bracket for affordable housing is necessary, particularly in cities like Mumbai, where the current limit of Rs 45 lakh is impractical. Raising this limit to Rs 75 lakh or beyond will significantly benefit a broader spectrum of homebuyers, fostering affordability and driving housing demand," he says.
    07:56:30 AM IST, 01 February 2024

    Income Tax Budget 2024 LIVE Updates: Budget 2024 should basic exemption limit to Rs 3 lakh, say experts

    Currently, the Income-Tax Act, 1961 provides for a basic exemption limit of Rs 2,50,000 which has remained unchanged for several years. "Given the current annual inflation rate of about 5%, higher cost of living and the time which has elapsed since last revision, it is expected that the basic exemption limit is increased to Rs 3,50,000. This will benefit a large number out of the approximately 7 crore taxpayers and provide them some insulation against inflation," Dr. Suresh Surana,Founder, RSM India.
    07:49:26 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: What to expect from Budget 2024

    "The latest Interim Budget passed in 2019 proposed certain changes for individual taxpayers. It is entirely possible that the government may not make any changes or make certain minimal changes which are of wide applicability. The basic changes which can be expected by the taxpayers either by way of amendments or by way of announcements to be implemented if the ruling party was voted back to power are discussed hereinbelow," says Dr. Suresh Surana, Founder, RSM India.
    07:41:34 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: Will govt hike standard deduction limit under the new tax regime?

    The government should hike the standard deduction limit under the new tax regime. This would contribute to easing the tax burden on salaried individuals, allowing them to retain more of their hard-earned money, says Abhishek Soni, CEO, Tax2Win.in.
    07:40:10 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: Section 80C deductions under the new income tax regime?

    A substantial number of taxpayers invest in the instruments that provide tax deductions of up to Rs 1.5 lakh under Section 80C. To increase acceptance of the new tax regime, the government should allow deductions under this regime, says Preeti Sharma, Partner, Tax & Regulatory Services, BDO India.
    07:30:32 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: 3 tax benefits should be allowed under the new tax regime, experts want

    How to make the new income tax regime more attractive? Akhil Chandna, Partner, Grant Thornton Bharat, has three suggestionsThe finance minister can announce three tax benefits under the new tax regime in Budget 2024: a) Increase in standard deduction amount, b) Tax incentives for long-term investments, and c) introduction of tax exemptions for certain allowances, Chandna says.
    07:26:37 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: Hike maximum pension limit of Atal Pension Yojana, asks PFRDA

    Deepak Mohanty, chairman of PFRDA, had earlier asked the government to increase the maximum monthly pension amount from Rs 5,000 to Rs 10,000, as per media reports.
    07:17:48 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: Hike in pension amount under Atal Pension Yojana?

    The government may consider raising the pension floor for the unorganised sector workers under its flagship scheme, the Atal Pension Yojana (APY) as the current amount may not attract enough potential subscribers to enroll, says ICRA Analytics Note on Interim Budget for FY2024-25.
    07:15:41 AM IST, 01 February 2024

    Budget 2024 LIVE Updates Income Tax: Will Centre raise minimum pension amount under Atal Pension Yojana?

    The Atal Pension Yojana (APY) is a government-sponsored guaranteed pension scheme with a monthly income range between Rs 1,000 and Rs 5,000. The maximum monthly pension amount is Rs 5,000 at present. All Indian citizens between the ages of 18 and 40 are eligible for the Atal Pension Yojana. The Pension Fund Regulatory and Development Authority (PFRDA) had previously requested the Centre to raise the guaranteed pension amount under the scheme.
    Read more on
    income tax budget
    income tax budget 2024
    budget 2024 income tax news
    income tax
    interim budget 2024
    budget 2024
    income tax updates
    income tax slab budget 2024
    tax budget 2024
    Union Budget 2024 Income Tax
    Have something to say? Post your comment

    Comments are moderated and will be allowed if they are about the topic and not abusive.

    Characters remaining (1500)

    The Economic Times