Finance Minister Nirmala Sitharaman presented Union Budget 2024 in Parliament. This was an interim budget as it came just ahead of the Lok Sabha Elections. The honourable Finance Minister, while presenting Interim on 1 February 2024, kept the tax slab rates unchanged for both . Under the income tax laws, an individual (not having any business income) is required to choose between the new and old tax regimes every year. Hence, an individual can choose the new tax regime one year and the old tax regime the next.
It is important to note that a large number of changes were made in Budget 2023 in the new tax regime. The income tax slab changes announced in Budget 2023 are effective for the financial year between April 1, 2023, and March 31, 2024, and are set to remain unchanged for FY 2024-25 (April 1, 2024 and March 31, 2025).
This was an interim budget as it came just ahead of the Lok Sabha Elections. This is the honourable finance minister Nirmala Sitharaman’s sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections.
The finance minister Nirmala Sitharaman has not
announced any changes in the income tax slabs and income tax rates in her
interim budget speech today. An individual having no business income will
require to select between old and new tax regime in upcoming financial year
2024-25 - JSPCO
