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Finance Minister Nirmala Sitharaman presented the Interim Budget for the year 2024-25 in Parliament today.
There is no proposal to make any changes in direct and indirect tax rates. The Finance Minister said, it has been decided to retain the same tax rates and for direct and indirect taxes including import duties. She said the Government has already reduced and rationalized tax rates. Under the new tax scheme, there is now no tax liability for taxpayers with income up to 7 lakh rupees, up from 2.2 lakh rupees in the financial year 2013-14. The threshold for presumptive taxation for retail businesses was increased from 2 crore rupees to 3 crore rupees. Similarly, the threshold for professionals eligible for presumptive taxation was increased from 50 lakh to 75 Lakh rupees.
However, the Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth or pension funds and also tax exemption on certain income of some IFSC units till 31st March 2025. The Finance Minister said that the Government will lay a White Paper on the economy in Parliament. She said that the crisis of the years preceding 2014 has been overcome, and the economy has been put firmly on a highly sustainable growth path with all-round development.