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Rajya Sabha was off to a stormy start on Day 3 of the Budget session, while Lok Sabha took up Question Hour.
Later, both Houses discussed the Motion of Thanks to the President’s address. Rajya Sabha also debated several private members’ bills before they were withdrawn.
Union Finance Minister Nirmala Sitharaman presented the Interim Budget on Thursday -- her last one before the country goes to polls mid-year. She asserted that the Modi government would return in July to present a full Budget, on the strength of its record, and that it did not need announcements of last-minute sops to go into the polls.
No changes in income tax slabs were announced in the Budget, for both direct and indirect taxes, including import duties. On the direct taxation front, Ms. Sitharaman proposed to withdraw outstanding tax demands up to ₹25,000 for the period up to financial year 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15. She stated the move is expected to benefit “a crore taxpayers”. The only major change to taxation was tabled with respect to startups and investments made by sovereign wealth or pension funds, alongside tax exemption on certain income of some IFSC units – which are expiring on March 31.