Income Tax Budget LIVE Updates - FM Sitharaman Likely To Increase Tax Exemption Limit

The full Budget 2024 has been eagerly awaited, particularly for its potential impact on income tax. While the exact details are yet to be revealed by Finance Minister Nirmala Sitharaman in her speech in Parliament, here is a summary of the key expectations:

Potential Changes in Income Tax

Increased Tax Exemption Limit: There is a strong possibility of raising the basic exemption limit under the new tax regime from Rs. 3 lakh to Rs. 5 lakh, providing significant relief to taxpayers in the lower income bracket.

Tweaks to New Tax Regime: The government might introduce further changes to make the new tax regime more attractive. This could include adjustments in tax slabs or the introduction of additional deductions.

Hike in Standard Deduction: An increase in the standard deduction limit could offer additional tax relief to salaried individuals.

Extension of Tax Benefits: There is a possibility of extending certain tax benefits or incentives to promote specific sectors or investments.

Budget 2024 income tax: Key Expectations

Simplification of Tax Regime: Taxpayers are hoping for further simplification of the tax structure to reduce the compliance burden.

Focus on the Middle Class: The government is expected to address the concerns of the middle class by providing tax relief and boosting disposable income.

Encouraging Savings and Investments: Measures to promote savings and investments through tax incentives are anticipated.