Income Tax Slabs 2024-25 Budget 2024 Updates: How will Budget 2024 impact you? Taxpayers
04:48:54 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.”
04:41:51 PM IST, 01 February 2024
Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: All tax announcements you must know
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.
04:24:35 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.
03:51:49 PM IST, 01 February 2024
Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Ayushman Bharat health insurance coverage to all ASHA workers
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.
03:08:46 PM IST, 01 February 2024
Income Tax Slabs 2024-25 Budget 2024 LIVE Updates: Key Budget announcements for taxpayers
- 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…
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