Brief by Shorts91 Newsdesk / 09:53am on 01 Feb 2024,Thursday India
Finance Minister Nirmala Sitharaman retained existing direct and indirect tax rates in Budget 2024, including no changes to import duties. Middle-class taxpayers will face no new taxes or get any new relief on incomes. "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," Sitharaman said in her Budget speech on Thursday. Tax planning strategies can continue unchanged as deductions, exemptions, and tax-saving investments remain the same. No adjustments are needed for middle-class taxpayers as the tax framework remains unaltered. The budget maintains the status quo on tax rates across direct and indirect taxes.
