No major changes in Income Tax slab rates, including for companies.
In a much-anticipated budget presentation, Finance Minister Nirmala Sitharaman outlined the fiscal blueprint for the upcoming financial year 2024-25.
The Finance and Corporate Affairs Minister Smt Nirmala Sitharaman, while presenting the Interim Union Budget for 2024-2025 in Parliament today announced that the capital expenditure outlay for the next year is being increased by 11.1 per cent to Rs 11,11,111 crore, which would be 3.4 per cent of the GDP.
How is the concept of budget relevant to the individual in personal finance?
Finance Minister Nirmala Sitharaman is going to deliver the fourth paperless budget on February 1, outlining the interim Budget for the financial year 2024-25.
As Lok Sabha elections are due in India in early 2024, the government shall be announcing an interim budget instead of a full-fledged budget, which shall function as a transitional financial plan for the remaining months of government in power.
Amendment in Section 43B of Income Tax Act, 1961 (Certain expenses to be allowed on payment basis) by insertion of new clause (h) with effect from 01.04.2024
The Budget 2023 provides tax benefits and other measures for the Micro, Small and Medium Enterprises (MSMEs) and startups in the country, which helps them grow and boost their businesses
Through this write up changes in domestic taxation will be articulated keeping in mind the Supreme Court judgment's impact in the Income –Tax Act(''ACT") and Income tax Rules(''Rules").
This budget brings in significant changes that affect payroll calculations for most employees. A large portion of the workforce may also shift to the new tax regime. Employees expect a smooth, hassle-free transition with accurate payouts.
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