Key Points
How realistic are expectations of major income tax changes being announced in the upcoming budget on February 1, 2024 given that it will be an interim budget or Vote on Account due to the parliamentary elections scheduled during April - June 2024?..
As per the Code of Conduct of the Election Commission of India, the ruling party is not allowed to propose major tax reforms in the Interim Budget as the same can influence voters, and thus can adversely hamper the fair voting process.. Recently, Finance Minister Nirmala Sitharaman also said, at a public event, that the upcoming Budget in February 2024 will be presented just to meet the requirements of expenses, till a new government is formed..
ChidambaramNo change was proposed in the tax structureNo amendments were proposed vide Interim Finance Bill, 2014-15 in the Income Tax Laws. 2009-10 (16 February 2009)Pranab MukherjeeChange in the income tax slabs.Certain.
No other significant amendments were proposed vide Interim Finance Bill, 2009-10 in the Income Tax Laws. 2004-05 (03 February 2004)Jaswant SinghNo change was proposed in the tax structureThere were no proposals to amend the income tax laws in interim budget..
(25 March 1998)Yashwant SinhaNo change was proposed in the tax structureNo new amendments were proposed vide Interim Finance Bill, 1998-99 in the Income Tax Laws. 1996-97(28 February 1996)Manmohan SinghNo change was proposed in the tax structureNo new amendments were proposed vide Interim Finance Bill, 1996-97 in the Income Tax Laws.1991-92 (04 March 1991)Yashwant SinhaNo change was proposed in the tax structureNo new amendments were proposed vide Interim Finance Bill, 1991-92 in the Income Tax Laws. 1980-81(11 March 1980)R..
