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India is not yet prepared for the overhaul of its Income-Tax (I-T) Act, as announced by Finance Minister Nirmala Sitharaman during the Union Budget in July 2024. According to sources, the new I-T Act bill, unlikely to be presented in the upcoming Budget Session, will take more than a year to come into effect.
Income tax relief for the people in the lowest slab may need to be considered in the upcoming full Budget 2024-25 considering the high levels of inflation, according to newly elected CII President Sanjiv Puri.
After a pause of more than two-months in policy making due to the national polls, Central and state governments are set to meet again for major policy decisions.
The finance minister Nirmala Sitharaman may present the full budget for FY25 on July 1, 2024, according to the Zee Business sources.
The top priority for the finance minister is to finalise the Union Budget 2024-25 and then to delve into a number of issues in GST.