Union Budget 2024 Income Tax: Propose No Changes to Taxation, Says Finance Minister Nirmala Sitharaman

The current income tax slab structure under the new regime are:

Slab Structure:

• 0%: No tax on income up to Rs 3 lakhs
• 5%: From Rs 3 lakhs to Rs 6 lakhs
• 10%: From Rs 6 lakhs to Rs 9 lakhs
• 15%: From Rs 9 lakhs to Rs 12 lakhs
• 20%: From Rs 12 lakhs to Rs 15 lakhs
• 30%: Above Rs 15 lakhs

During her 58-minute speech, FM Nirmala Sitharaman said that long-term interest-free loans will be provided to states to develop tourist centers.

Presenting a vote on account for 2024-25, also known as interim budget for the period till the new government comes into office after general elections, she said the Modi government in the last 10 years has endeavoured to provide each a house, water, electricity, cooking gas and bank account as part of the inclusive development.

“Our government will launch a scheme to help deserving sections of the middle class ‘living in rented houses, or slums, or chawls and unauthorized colonies’ to buy or build their own houses,” Sitharaman said.

The finance minister highlighted that the implementation of the PM Awas Yojana (Grameen) continued despite the disruptions caused by the COVID-19 pandemic.

“Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families,” she said.

In order to achieve the target of ‘Housing for All’ in rural areas, the Ministry of Rural Development is implementing Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) with effect from 1st April 2016 to provide assistance to eligible rural households.