Budget 2024: Income Tax Relief and Other Announcements

Income Tax Relief

Old Tax Regime:

Under the old income tax regime, individuals do not need to pay any tax on income up to Rs. 25 lakh. For income between Rs. 25 lakh and Rs. 5 lakh, a tax of 5% is levied.

Budget Highlights

Live Updates:

This budget is the first major economic document of Prime Minister Narendra Modi's third term in office.

Taxpayer Convenience:

The upcoming Union Budget 2024 is expected to bring a number of changes to income tax for the convenience of taxpayers.

Income Tax Reforms:

The Union Budget 2024-25 is expected to focus on income tax reforms, ease of doing business, and fiscal deficit reduction.

Finance Minister's Announcement

Finance Minister Nirmala Sitharaman presented the interim budget for the fiscal year 2024-25 on February 1, 2024.