Budget 2024: Gouri Puri, partner at Shardul Amarchand Mangaldas, shares insight on direct tax proposals

Gouri Puri, Partner at Shardul Amarchand Mangaldas & Co., shared her insights on the direct tax proposals unveiled in the interim budget 2024. She commended the government for past tax reforms, highlighting the reduction in corporate tax rates and simplification of tax incentives. Despite expectations for personal income tax rate cuts in an election year, the government prioritised macroeconomic stability, keeping fiscal deficit in check. The interim budget did not bring significant changes in tax rates for corporations, but extended the sunset date for tax incentives expiring by March 31, 2024. Notably, the expected extension of the 15% concessional tax rate for manufacturing companies was missing, raising hopes for inclusion in the full budget, she says.