Finance Minister Nirmala Sitharamaman in her interim budget speech proposed to retain the same tax rates for both direct and indirect taxes, including import duties. The much-awaited announcement endows clarity about postulations if the new tax regime, that was introduced in the Union Budget 2023, would be made the default regime. Ms Sitharaman opened her announcements stating that she was keeping with the convention.
Further on the direct taxation front, the finance minister proposed to withdraw outstanding tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. She stated the move is expected to benefit about “a crore taxpayers”.
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