Nation

No changes in direct and indirect taxes rates

Finance Minister Nirmala Sitharaman presented the Interim Budget for the year 2024-25 in Parliament today.

There is no proposal to make any changes in direct and indirect tax rates. The Finance Minister said, it has been decided to retain the same tax rates and for direct and indirect taxes including import duties. She said the Government has already reduced and rationalized tax rates. Under the new tax scheme, there is now no tax liability for taxpayers with income up to 7 lakh rupees, up from 2.2 lakh rupees in the financial year 2013-14. The threshold for presumptive taxation for retail businesses was increased from 2 crore rupees to 3 crore rupees. Similarly, the threshold for professionals eligible for presumptive taxation was increased from 50 lakh to 75 Lakh rupees.

However, the Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth or pension funds and also tax exemption on certain income of some IFSC units till 31st March 2025. The Finance Minister said that the Government will lay a White Paper on the economy in Parliament. She said that the crisis of the years preceding 2014 has been overcome, and the economy has been put firmly on a highly sustainable growth path with all-round development.

News is information about current events. News is provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, and also on the testimony of observers and witnesses to events. It is also used as a platform to manufacture opinion for the population.

Contact Info

Address:
D 601  Riddhi Sidhi CHSL
Unnant Nagar Road 2
Kamaraj Nagar, Goreagaon West
Mumbai 400062 .

Email Id: [email protected]

West Bengal

Eastern Regional Office
Indsamachar Digital Media
Siddha Gibson 1,
Gibson Lane, 1st floor, R. No. 114,
Kolkata – 700069.
West Bengal.

Office Address

251 B-Wing,First Floor,
Orchard Corporate Park, Royal Palms,
Arey Road, Goreagon East,
Mumbai – 400065.

Download Our Mobile App

IndSamachar Android App IndSamachar IOS App
To Top
WhatsApp WhatsApp us