Budget 2024 income tax proposals: What remains and what changes

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Tax benefits for start-ups and investments by sovereign wealth/pension funds extended till 31.03.2025.

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Tax exemption for some IFSC units, earlier expiring on 31.03.2024, now extended to 31.03.2025.

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Outstanding direct tax demand up to ₹25,000 for FY10 and up to ₹10,000 for FY11-FY15 withdrawn.

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The withdrawal of outstanding direct tax demand is expected to benefit approximately 1 crore taxpayers.

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Same rates retained for direct and indirect taxes, including import duties.

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Corporate tax rates remain at 22% for existing domestic companies.

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A lower corporate tax rate of 15% applies to certain new manufacturing companies.

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Taxpayers with income up to ₹7 lakh have no tax liability under the new tax regime.

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Import duties remain unchanged under the new budget.

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The new tax regime retains the same rates for direct and indirect taxes.

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Budget breakdown: Words you need to know

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Budget 2024 income tax proposals: What remains and what changes

Budget 2024 income tax proposals: What remains and what changes

Tax benefits for start-ups and investments by sovereign wealth/pension funds extended till 31.03.2025.

Tax Continuity

Tax Continuity

Tax exemption for some IFSC units, earlier expiring on 31.03.2024, now extended to 31.03.2025.

IFSC Units

IFSC Units

Outstanding direct tax demand up to ₹25,000 for FY10 and up to ₹10,000 for FY11-FY15 withdrawn.

Tax Demand Withdrawal

Tax Demand Withdrawal

The withdrawal of outstanding direct tax demand is expected to benefit approximately 1 crore taxpayers.

Taxpayer Benefit

Taxpayer Benefit

Same rates retained for direct and indirect taxes, including import duties.

Tax Rate Retention

Tax Rate Retention

Corporate tax rates remain at 22% for existing domestic companies.

Corporate Taxes

Corporate Taxes

A lower corporate tax rate of 15% applies to certain new manufacturing companies.

New Manufacturing Companies

New Manufacturing Companies

Taxpayers with income up to ₹7 lakh have no tax liability under the new tax regime.

No Tax Liability

No Tax Liability

Import duties remain unchanged under the new budget.

Import Duties

Import Duties

The new tax regime retains the same rates for direct and indirect taxes.

Tax Regime

Tax Regime

Budget breakdown: Words you need to know

Budget breakdown: Words you need to know