Finance Minister Nirmala Sitharaman is set to unveil the Modi government’s first budget 2024 of its third term on 23 July 2024, with widespread anticipation among taxpayers, particularly from the middle-class, for significant tax relief measures. One of the key expectations is an increase in the basic tax exemption limit from the current ₹3 lakh to ₹5 lakh.
If implemented, this adjustment could mean that individuals earning up to ₹8.5 lakh annually might be exempt from income tax, factoring in the standard deduction and the rebate under Section 87A, as explained by CA Satish Surana. Such a move is seen as a substantial boost to disposable incomes for millions of taxpayers.
Under the current tax regime, income up to ₹7.5 lakh is tax-free, considering the existing exemption limit and applicable rebates. The upcoming budget is expected to introduce revised tax slabs that align with the proposed exemption changes, potentially benefiting a wider segment of taxpayers.
Experts also anticipate enhancements in other tax benefits, hoping for an increase in standard deductions and new deduction benefits under the revised tax regime. This shift aims to ease the tax burden on middle-income earners and stimulate economic growth through increased disposable incomes.
Stay tuned for more updates as the Union Budget 2024 approaches, promising crucial developments in India’s tax landscape. Vakilsearch offers reliable, efficient, and affordable legal services, providing expert guidance and comprehensive support to help you make the most of new tax relief measures. Choose Vakilsearch for a seamless legal and tax compliance experience, ensuring your financial planning is optimised and compliant with the latest regulations
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