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February 1, 2024

India's 2024/25 interim budget proposals impact individual taxpayers

The Finance Minister of India presented the interim Finance Bill for the fiscal year 2024/25 (‘the Bill’) in the Indian Parliament on 1 February 2024, proposing minimum changes to tax laws, effective from 1 April 2024 (unless specifically mentioned otherwise). There is a national election in India will be undergoing a nation-wide election in April/ May 2024 following which the newly formed union government will announce a final budget for the entire fiscal year. The budget proposals continue to reflect the Government’s ‘citizen-first’ and ‘minimum government, maximum governance’ aim. 

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

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Full text of Tax Alert