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Welcome back to Tax Wise newsletter - 4rd Edition!

Every year, on the 1st of February, Hon'ble FM Nirmala Sitharaman walks into Lok Sabha, with a Red envelope containing confidential documents and presents the Union Budget.

 It ranges anywhere from the longest 2 hours 42 minutes (as it did in 2020)  to a mere 57 minutes this year.

 Let’s talk about it all

Nothing new in personal taxation.

Extended period for startup registration

Tax dues write-off

Interesting milestones

But first, why is it called “The Interim” Union Budget?

Why it’s called “The Interim” Union Budget.png

Every 1st day of February, our Hon'ble Finance Minister presents the Union Budget in Lok Sabha.

 

This past Thursday was the last Budget in the tenure of the existing government.

 

Here are the key highlights from the Interim Budget 2024:

 

1) Nothing’s new!

This Interim Budget has nothing new for tax regimes. So, things are just the same as it was.

 

2) Tax dues write-off

The Interim Budget promised to write off income tax disputed demands of up to 25000!

Budget 2024 updates 1.png

If you have a tax notice from the IT Department, seek out professional help here.


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3) Extended Period for Startups under 80-IAC

The eligibility criteria for startups (LLP/Company incorporation) to avail Section 80-IAC exemption has been extended by an additional year.

 

For context, Section 80-IAC facilitates tax exemptions for 3 continuous years to eligible startups so it’s a huge favour for business people.

 

4) Milestones

  • The Finance Minister shared some insightful information from past years with us 👇

  • The processing time of ITRs has been reduced to 10 Days! - From 93 days (2013-14) to 10 days (2023-24).

  • Direct Tax Collections are now more than 3X in the last 10 years.

  • The number of ITR filers soared to a new record of 8.18 crores!

That brings us to the end of this month's edition. We would love to know your feedback.

For any tax-related questions, schedule a call with a qualified expert here - Talk to an expert

 

Best regards,

Team TaxBuddy.com

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