New Delhi, Feb 1 (KNN) During the Union Budget presentation, Finance Minister Sitharaman has declared that, in accordance with convention, there would be no changes to tax rates for direct and indirect taxes, including import duties.

This move aims to provide stability and predictability in the taxation landscape, offering businesses and individuals a sense of continuity.

“As for tax proposals, in keeping with the convention, I propose to retain the existing tax rates for both direct and indirect taxes, as well as import duties," stated Finance Minister Sitharaman.

However, the Finance Minister highlighted that certain tax benefits for start-ups and exemptions on investments made by sovereign wealth or pension funds, along with tax exemptions for specific income of some International Financial Services Centre (IFSC) units, are set to expire on March 31, 2024.

To ensure the continuity of these crucial tax benefits, Finance Minister Sitharaman proposed an extension of the expiration date to March 31, 2025.

This move is expected to provide a seamless transition and continued support for start-ups, investors, and IFSC units, fostering an environment conducive to economic growth and investment.

(KNN Bureau)