Govt to launch housing for middle class, no change in tax slab announced in interim budget 2024

While presenting the interim budget 2024, Finance Minister Nirmala Sitharaman on Thursday announced that the government will launch a housing scheme for the middle class.

According to Sitharaman, the Government will launch a scheme to help deserving sections of the middle class living in rented houses, or slums, or chawls and unauthorized colonies to buy or build their own houses.  

The Finance Minister further informed that a high-powered committee will be constituted for an extensive consideration of the challenges arising from fast population growth and demographic changes. The committee will be mandated to make recommendations for addressing these challenges comprehensively in relation to the goal of ‘Viksit Bharat’.

While presenting the revised estimates 2023-24, Sitharaman said that the revised estimate of the total receipts other than borrowings is Rs 27.56 lakh crore, of which the tax receipts are Rs 23.24 lakh crore. The revised estimate of the total expenditure is Rs 44.90 lakh crore.

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“Coming to 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs  30.80 lakh crore and 47.66 lakh crore respectively. The tax receipts are estimated at Rs 26.02 lakh crore,”said Sitharaman.
The Finance Minister announced no changes in the tax slabs in both new and old regimes.

Highlights 

Retention of Same Tax Rates: -

• For direct and indirect taxes, including import duties

• For Corporate Taxes-22% for existing domestic companies, 15% for certain new manufacturing companies

• No tax liability for taxpayers with income up to Rs 7 lakh under the new tax regime

Also Read: It's an inclusive & innovative Budget: PM Modi

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