The Central Government of India presented an Interim budget in the Parliament on 01 Feb 2024. An Interim Budget (‘Vote on Account Budget’) was presented during a period where there are elections due in the ensuing year to elect a new Government. This was an interim budget as it was presented just ahead of the Lok Sabha Elections. India goes to the polls in May 2024. It may be noted that any Interim budget is not a full-fledged budget presentation and, will normally be void of any spectacular changes or big announcements. In line with the expectations, there are no changes/amendments announced impacting payroll or taxation for GP IND in this budget. No changes were announced in the tax slabs in both the old and new regimes.
We will expect changes post-July 2024 when a New government forms and introduces a new Finance bill.