Budget 2024: Finance Minister Nirmala Sitharaman on Thursday announced that the government has decided not to seek repayment of previously disputed direct taxes (amounting to Rs 25,000 or less) before the end of the financial year 2009-10.
While presenting the Interim Budget 2024 today, FM Sitharaman said in his speech that the direct tax requirement of up to Rs 10,000 from the financial year 2010-11 to 2014-15 will also be withdrawn.
“This will benefit around one crore taxpayers,” Sitharaman stressed.
Sitharaman also said there will be no change in the rates of direct and indirect taxes, including import duties.
She also said that since 2014, the number of taxpayers has increased 2.4 times and direct tax collections have tripled.
She said tax return processing time has dropped from 93 days in fiscal 2014 to 10 days, and refunds are being processed faster.
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