In the interim budget 2024 presented by finance minister Nirmala Sitharaman, it was announced that the threshold for professionals eligible for presumptive taxation was increased to ₹75 lakhs in Budget 2023.
“As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” the finance minister said.
“Similarly, the threshold for professionals eligible for presumptive taxation was increased from ₹50 lakh to ₹75 lakh. Also, the corporate tax rate was decreased from 30% to 22% for existing domestic companies and to 15% for certain new manufacturing companies,” Nirmala Sitharaman said.
Under the new tax scheme, there is now no tax liability for tax payers with income up to ₹7 lakh, up from ₹2.2 lakh in the financial year 2013-14. The threshold for presumptive taxation for retail businesses was increased from ₹2 crore to ₹3 crore.
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