Budget 2024: Finance Minister Nirmala Sitharaman on Thursday announced that the government has decided not to seek repayment of previous and contested direct taxes, amounting to Rs 25,000 or less, until the conclusion of the financial year 2009-10.
While presenting the interim budget 2024 today, FM Sitharaman in her speech said direct taxes demand of up to Rs 10,000 from the financial years 2010-11 to 2014-15 will also be withdrawn.
“This will benefit about one crore taxpayers,” Sitharaman highlighted.
Sitharaman also said there are no changes in tax rates for direct and indirect taxes, including import duties.
She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.
The processing time of tax returns has been reduced from 93 days in FY14 to 10 days and refunds have been made faster, she said.
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