Finance Minister Nirmala Sitharaman will present the Budget 2024 on July 23, 2024. Sitharaman is likely to introduce key tax relief measures aimed at reducing the financial burden on middle-class taxpayers.
Expected announcements comprise of tax rebates, revisions to the new and old tax slabs, an increase in the standard deduction, and enhancements to the limits under Sections 80C and 80D. Changes to the taxation of the National Pension System (NPS) and Public Provident Fund (PPF) are also anticipated.
Will government raise Section 80C deduction limit?
Finance Minister Nirmala Sitharaman will announce the Union Budget 2024 on July 23, with taxpayers hoping for potential tax rate reductions and higher exemption limits. Among the top expectations is an increase in the benefits of Section 80C tax deductions.
These deductions lower taxable income when individuals invest in financial instruments or make eligible expenditures, up to a maximum of ₹1.5 lakh.
Government may increase standard deduction limit to ₹1 lakh
The Finance Ministry is contemplating an increase in the standard deduction limit under the new tax regime, according to the media reports.
The decision will be a part of Finance Minister Nirmala Sitharaman’s first budget of her third term, following internal assessments within various government departments and the Prime Minister’s Office.
What do home buyers expect amid uncertain realities?
Over the past 15 years, high net-worth individuals (HNIs), small and medium enterprises (SMEs), family offices, and developers invested more than $8-10 billion into Delhi land.
Will government offer capital gains tax relief?
Investors and industry experts are primarily focused on changes to the capital gains tax regime. Experts and industry bodies have long advocated for uniformity in the tax regime to improve transparency and ease of compliance.
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