From TN Ashok
New Delhi, Feb 01: Union ‘Finance Minister Ms. Nirmala Sitharaman presented the Union Interim Budget for 2024-25 in Parliament today and announced there would be no change in the income tax slabs announced in last year’s budget. They remain in force and un changed.
A full fledged budget would be presented by a new government in July this year after the nation chooses a party to run the government. In the race are the ruling party alliance led by BJP- NDA and opposition INDIA alliance. The ruling party has an edge and hopes to win the general elections in May this year with around 350 seats, BJP sources said. Opposition was equally confident of reducing the ruling party’s majority.
Ms. Sitharaman reaffirmed last year’s statement that both the old and new old slabs would operate and it was for the income tax assessor to choose one of the options whichever he or she thinks is best for them. In the old slabs exemptions from tax limit is upto Rs 2.5 lakhs and in the new slabs it is upto Rs 3 lakhs. The old tax slabs are fewer in number and the new ones have introduced more slabs.
Turning to the government’s achievements in the last 10 years, Ms. Sitharaman said the Government stands committed to strengthening and expanding the economy with high growth and to create conditions for people to realise their aspirations.
AMRIT KAAL AS KARTAVYA KAAL
Calling it the beginning of Kartavya Kaal, Ms. Sitharaman quoted Prime Minister’s Independence Day address to the nation in the 75th year of India’s Republic, “We commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities.”
UNLOCKING ENTREPRENEURIAL ASPIRATIONS OF YOUTH
The Union Finance Minister said that with sanctioning of 43 crore loans aggregating to Rs. 22.5 lakh crore under PM Mudra Yojana, entrepreneurial aspirations of our youth has been unlocked. Besides that, Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes are assisting our youth and they are also becoming ‘rozgardata’.
