Budget 2024: FM Sitharaman leaves income tax rates, slabs unchanged

Finance Minister Nirmala Sitharaman on Thursday proposed in the interim budget presented on February 1 to retain rates and slabs under the new as well as the old tax regimes. “In keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” the finance minister said in her budget speech. The minister had earlier said the Budget 2024 was a vote-on-account and “no spectacular changes” should be expected. Despite this, however, middle-class and salaried tax-payers were hoping for some relief ahead of the general elections.