Budget 2024: ₹25,000 Outstanding Waived, 1 Crore Taxpayers to Benefit

In the recently announced budget for the financial year 2025, Finance Minister Nirmala Sitharaman has maintained the existing income tax slabs.

However, a notable provision has been introduced, offering significant relief to taxpayers.

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The government has decided to waive outstanding tax demands up to ₹25,000 for the financial year 2009-10 and up to ₹10,000 for the financial year 2014-15.

Tax Relief Details

During the Budget Speech, the Finance Minister emphasized the withdrawal of old tax demands, aiming to alleviate the burden on taxpayers.

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This move is anticipated to benefit a substantial segment of the population, with approximately 1 crore taxpayers expected to experience relief from these withdrawals.

No Changes in Income Tax Slabs

Contrary to expectations, the budget did not introduce alterations to income tax slabs or deductions.

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This decision has maintained the status quo, akin to the interim budget of 2019. Many had anticipated potential announcements related to income tax, given the budget’s timing in the lead-up to general elections.

Import Duty Remains Unchanged

The budget also left import duties for goods unaffected, with no alterations in rates for goods entering the country from external sources.

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This decision reflects a stability in the approach towards import duties, aligning with the broader economic strategy outlined in the budget.



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