Budget 2024 | Income Tax Slabs To Remain Unchanged: Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman today announced that the taxation rates for both direct and indirect taxes will remain unchanged.

"I do not propose to make any changes related to taxation. Tax rates to be retained for direct and indirect taxes including import duties," she said while presenting the interim budget in Parliament, ahead of 2024 General Elections.

Direct Tax Rates as they stand are as follows:

0-3L: nil

3-6L: 5%

6-9L: 10%

9-12L: 15%

12-15L: 20%

above 15L: 30%

The FM however extended the exemption granted to some IFSC units till March 31, 2025 (otherwise expiring on March 31, 2024).

She also withdrew some outstanding direct tax demands realted to previous years. Disputed tax demands of upto Rs. 25,000 prior to Financial Year 2010-11 stand withdrawn. Disputed tax demands between Rs. 10,000 and Rs. 25,000 for Financial Year 2010-15 also stand withdrawn.