New Delhi: The Union Finance Minister Nirmala Sitharaman is presenting Interim Budget. This is her sixth straight Budget. This will be the last Budget of last one of Prime Minister Narendra Modi-led government’s second term.
Finance Minister Nirmala Sitharaman said in her interim Budget 2024 speech that the Union government will not pursue taxpayers to recover old and disputed direct taxes up to Rs 25,000 till the financial year 2009-10. Direct taxes demand up to Rs 10,000 from the financial years 2010-11 to 2014-15 will also be withdrawn. This decision will benefit about one crore taxpayers, said Finance Minister.
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Finance Minister Nirmala Sitharaman announced that there would be no alterations to taxation. She proposed to maintain the existing tax rates for both direct and indirect taxes, including import duties. ‘I propose to retain the same tax rates for direct and indirect taxes including import duties,’ says Finance Minister.
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