Interim Budget 2024

By: Mr. Prasanna Ravikant Bhat - 5th February, 2024

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Tax and Compliance Reforms:
  • There are no changes in direct and indirect tax rates.
  • The interim budget proposes to withdraw outstanding disputed direct tax demands up to Rs.25,000 pertaining to the period up to F.Y 2009-10 and up to Rs.10,000 for F.Y 2010-11 to 2014-15.
  • Certain tax benefits to start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units extended upto 31.03.2025. d) Hon FM announced that with the recent introduction of roof-top solarisation scheme, 1 crore households will be enabled to obtain up to 300 units of free electricity every month which will help households to save Rs.15,000-18,000 annually.
  • The Ayushmann Bharat scheme will be extended to all ASHA and Anganwadi workers. All maternal and child healthcare schemes will be brought under one comprehensive scheme.
  • Two crore more houses will be built under the Pradhan Mantri Awas Yojana – Grameen in next five years.
  • Hon FM announced that a new housing scheme will be launched which will help the middle class living in rented or slums or unauthorized colonies to build or buy their own houses.
  • Three major Railway economic corridors programmes will be implemented. These are energy, mineral and cement corridor; port connectivity corridors and high traffic density corridors. The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity.
  • States will be encouraged to undertake development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship.
  • Hon FM announced the extension of key rail infrastructure projects, such as Metro Rail and Namo Bharat, to additional cities. Approximately 40,000 rail bogies will be converted into Vande Bharat coaches.
  • E-vehicle ecosystem will be expanded and strengthened by supporting manufacturing and charging infrastructure. To promote green growth a new scheme of bio manufacturing will be launched.
  • A corpus of Rs 1 lakh crore will be established with 50-year interest free loan. The corpus will provide long term financing and re-financing with long tenures at low or nil interest rates.

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