Interim budget 2024: What will happen to Income Tax in this Budget?

Interim budget 2024: Will Nirmala Sitharaman cut income tax?

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on February 1, marking her sixth budgetary address. However, this budget comes with a unique twist—it's an interim budget, aligning with the upcoming Lok Sabha elections due early next year.

The full-fledged Budget for FY25 will follow post the formation of the new government. Sitharaman, known for her focus on structural changes, will aim to address necessary expenditures in this interim budget.


In this pre-election scenario, expectations run high for announcements that could resonate with voters. Common speculations include potential populist measures such as tax cuts or subsidies. Yet, it's essential to note that the impact of these measures may only offer temporary relief.

While past patterns in Sitharaman's approach suggest a penchant for structural changes over short-term tax breaks. Observers anticipate a focus on key areas like the New Tax Regime, expedited tax refunds, a robust tax collection apparatus, and efficient appeals processing.