Top 3 changes in Income Tax brought about by Interim Budget 2024

CA Shruti Singhal | Last updated: 03 February 2024

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The Interim Budget 2024 introduces three significant changes to Income Tax. Firstly, outstanding direct tax demands up to £25,000 for older periods and £10,000 for more recent ones will be withdrawn, potentially benefiting around one crore taxpayers. Secondly, several tax incentives, including those for start-ups and IFSC units, have been extended for another year until March 31, 2025. Finally, changes have been made to Section 206C concerning Tax Collected at Source (TCS) on the Liberalised Remittance Scheme and overseas tour packages.

In the interim budget 2024, our honourable FM Shmt. Nirmala Sitaraman highlighted some of the achievements of BJP government over a period of 10 years, emphasising on increase in direct tax collections by 3 times and multiplying of return filers by 2.4 times inspite of no tax upto an income to Rs. 7

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About the Author

CA Shruti Singhal

Practicing CA

CA Shruti Singhal, an alumna of Jesus and Mary College, DU (B.Com (H)), did her articleship from Grant Thornton. Post qualification she worked at Singhal and Associates, a CA firm based out of Connaught Place. Shifting her focus only to Indirect Taxes, she opened a Sole Proprietor Firm, namely, Shruti Singhal Co. She ... Read more

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