Today Finance Minister Nirmala Sitharaman will present the budget for the seventh time.
Income Tax Budget 2024 LIVE: The middle class and taxpayers are expected to get relief in the budget. For example, changes in income tax slabs, increase in standard deduction and some exemptions are also included.
Income Tax Budget 2024 LIVE: Standard deduction limit may increase
Finance Minister Nirmala Sitharaman can announce a big gift to taxpayers on the standard deduction front in Budget 2024. Currently, the standard deduction limit is Rs 50000. It can be increased to Rs 100000 in the budget.
Income Tax Budget 2024 LIVE: What are the current slabs for the new tax regime?
Up to ₹3 lakh: No tax
₹3 to 6 lakh: 5% on income above ₹3 lakh
₹6 to 9 lakh: ₹15,000 + 10% on income above ₹6 lakh
9-12 lakh: ₹45,000 + 15% on income above ₹9 lakh
₹12-15 lakh: ₹90,000 + 20% on income above ₹12 lakh
Above ₹15 lakh: ₹1.5 lakh + 30% on income above ₹15 lakh
Income Tax Budget 2024 LIVE: A big announcement may be made regarding NPS
Income Tax Budget 2024 LIVE: The scope of additional tax exemption under National Pension System (NPS) section 80CCD 1B can be increased. Also, the withdrawal limit on maturity can be increased, the government can bring it in line with other schemes like EPF.
Income Tax Budget 2024 LIVE: Middle class is a supporter of Modi government
According to media reports, the government this time is in favour of giving concessions to the taxpayers, especially the middle class, which has been a supporter of the Modi government but is questioning the returns it gets for paying taxes, whether it is in the form of public health care or through education.
Income Tax Budget 2024 LIVE: Will there be any change in the limit of section 80C
Changes are also expected in Section 80C in Budget 2024. A deduction of Rs 1.5 lakh is claimed under Section 80C. It is expected that the government may increase this exemption to Rs 2 lakh in the full budget. Let us tell you that despite the increase in inflation, no change has been made in the limit of 80C in the last 10 years.
Income Tax Budget 2024 LIVE: Will the government increase the income tax exemption limit?
The government may increase the 0% tax slab from the current Rs 3 lakh to Rs 5 lakh. If this happens, individuals with an annual income of up to Rs 8.5 lakh may not have to pay any tax under standard deduction and exemption under section 87A.
Income Tax Slabs Budget 2024 LIVE: Middle class may get relief
Today, Finance Minister Nirmala Sitharaman will present the budget for the seventh time. This is the first major budget of Narendra Modi Government 3.0. It is expected to provide relief to the middle class and taxpayers. For example, changes in income tax slabs, increase in standard deduction and some exemptions are also included.
