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.

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.”

(This is a developing story)