Interim Budget 2024-25 was presented in Parliament on Thursday, February 01, 2024. The Hon’ble Finance Minister Smt. Nirmala Sitharaman marks a transformative milestone in India’s economic journey over the past decade.
Over the last ten years, the Indian economy has undergone a significant transformation, culminating in the vision of making India Viksit by 2047. The government has demonstrated resilience in overcoming the challenges posed by the COVID-19 pandemic, with a focus on social justice and inclusive growth.
A strong emphasis is placed on governance, development, and performance, with notable strides in infrastructure development, research and innovation, and fiscal management. For the last few years, the Government has introduced several changes with the objective of simplifying the tax structure, reducing procedural complexities, and driving the reduction in unnecessary prolonged litigation. These changes included, amongst others, the introduction of faceless assessments, updated returns, revamping Form 26AS, and introduction of pre-filled return forms.
Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years.
This document summarises the key highlights of the Income Tax Proposals for easy digest.
The Complete Document can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Income-Tax-Law-Key-Highlights-of-Interim-Budget-2024-25.pdf