Income Tax Slab 2024: The Finance Minister says that this is vote on account and when the government presents the budget in July, the government will consider populist announcements.
Budget 2024: Finance Minister Nirmala Sitharaman has indicated that tax exemptions can be given to taxpayers in the full budget to be presented in July 2024 if the Prime Minister Narendra Modi-led government returns to power after the Lok Sabha elections.
According to Moneycontrol, when the Finance Minister was asked in an interview to Network18 whether the salaried class can expect a cut in tax rates in the July budget, the Finance Minister, while answering this question, said that I do not know anything about this at this time. I want to say. When it was pointed out to the Finance Minister that the top rate of personal income tax is 30 per cent while the corporate tax is only 22 per cent, should the salaried class expect that the tax rates will be unified in the long run? Answering this question, the Finance Minister said that Direct Tax Reforms is an ongoing work. He said that some results of the reforms have emerged and work on some is currently going on.
In the press conference held after the presentation of the budget on February 1, 2024, the Finance Minister was also asked questions about not announcing tax exemptions and other populists. Responding to which he said, this is vote on account. The Finance Minister said that when his government will present the budget in July, we will see what to do for which section.
Taxpayers are left disappointed in the interim budget presented by the Finance Minister on February 1, 2024. Taxpayers were hopeful that the Modi government would provide relief from some tax burden in the interim budget before the elections, but the interim budget has disappointed them. Like the interim budget of 2019, the standard fare has also not been increased above Rs 50,000. It was expected that the Finance Minister would make changes in the new tax regime to popularize the new income tax regime, but nothing like this has happened in the interim budget. Taxpayers will have to wait for the full budget to be presented in the month of July for any kind of relief.
