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Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties, said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in the Parliament today. To ensure continuity in taxation, the Union Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth
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FAQ :
No, the Union Finance Minister has proposed to retain the same tax rates for direct taxes.
Outstanding direct tax demands up to £25,000 for periods up to financial year 2009-10 and up to £10,000 for financial years 2010-11 to 2014-15 have been withdrawn.
Approximately one crore taxpayers are expected to benefit from the withdrawal of these outstanding direct tax demands.
Yes, tax benefits for start-ups and investments made by sovereign wealth or pension funds have been extended until March 31, 2025.
Tax exemption on certain income of IFSC units has been extended by a year, until March 31, 2025.
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