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Interim Budget 2024 - Tax and Policy highlights
On Thursday, 1 February 2024, the Hon'ble Finance Minister of India, Nirmala Sitharaman, presented the Interim Budget 2024 in the Indian Parliament.
Being an Interim Budget, the Hon'ble Finance Minister focussed on continuity of existing Government policies with a vision for inclusive growth and prosperity.
We present you the key tax and policy highlights as announced in the Budget:
- Continued focus on transport infrastructure development and modernisation, including expansion of metro network, railway corridors and development of new airports.
- Impetus to technological advancement with corpus of INR 100,000 crore for long-term financing and interest free loan for research and innovation in sunrise sectors and new schemes for deep-tech technologies for self-reliance in defence sector.
- Green growth with measures introduced for net-zero by 2070 including viability gap funding for offshore wind energy, strengthening e-vehicle ecosystem and adoption of e-buses.
- Under tax proposals, sunset date extended to 31 March 2025 for eligibility of certain tax exemptions notably for start-ups, investment division of non-resident IFSC banking units, IFSC aircraft/ ship leasing units and sovereign wealth funds and pension funds.