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Union Budget 2024: FM Sitharaman Announces 6-Month Review Of Income Tax Act To Reduce Dispute And Litigation

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 today, marking her seventh consecutive budget and breaking Morarji Desai's record of six. Before heading to Parliament, she met with President Droupadi Murmu.

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Union Budget 2024: FM Sitharaman Announces 6-Month Review Of Income Tax Act To Reduce Dispute And Litigation

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Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 today, marking her seventh consecutive budget and breaking Morarji Desai’s record of six. Before heading to Parliament, she met with President Droupadi Murmu.

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In her speech following the budget presentation, Sitharaman thanked the Indian public for their continued trust in Prime Minister Narendra Modi, who has achieved a historic third term. The new budget focuses on overhauling the income tax system and streamlining business operations in India.

Thorough Legislation of Income Tax Act

Sitharaman announces a thorough review of the Income Tax Act, 1961, aimed at reducing litigation. During her Budget speech, FM Sitharaman says, “I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months.”

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(This is a developing story)

 


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