Dr. Sayyad Vakeel, CEO and Research Guide at AKI's Poona College of Arts, Science and Commerce, Camp, Pune-411001, provides an overview of the interim budget for the fiscal year 2024-25.
Income Tax Slabs
There are no alterations to the income tax slabs, neither in the new regime nor in the old regime. Despite being interim, these parameters remain unchanged.
Interim Budget Overview
The interim budget is presented during the fifth year of the central government's tenure. However, the final budget will be presented post the upcoming election by the newly appointed finance minister in the parliament, termed as the finance bill. Upon approval by the President of India, it will be enacted as the finance act.
Benefits for Salaried Taxpayers
The only notable benefit for salaried taxpayers is the relief provided in outstanding tax demands from previous years. The withdrawal of outstanding direct tax demands is outlined as follows:
- Up to ₹25,000 for demands pertaining to the financial year 2019-10
- Up to ₹10,000 for demands from FY2010-11 to FY2014-15
This measure is expected to benefit approximately 1 crore taxpayers.
Conclusion
In summary, the interim budget maintains consistency with the previous year for salaried taxpayers, with the exception of relief provided for outstanding tax demands from previous fiscal years