Budget 2024 is being presented by Finance Minister Nirmala Sitharaman on Tuesday 23 July. Employees have a lot of expectations from this budget. Salary class people have hope that the Finance Minister can definitely provide some relief in income tax. Small and middle class businesses may also get relief in the budget. Industrialists hope that the Finance Minister can make a big announcement to further promote the entrepreneurial sector.
Income tax payers will get big relief, employed people have big expectations from the budget! Read full news
There may be a big announcement in pension
Central government employees enrolled in NPS can be given 50 percent of their last salary as pension by the government. With this announcement, the concerns related to pension of Central Government employees can be addressed. However, employees investing in the current scheme for 25 to 30 years can get excellent returns.
Changes may be found in PM Awas Scheme
Finance Minister Nirmala Sitharaman can make announcements in the housing sector in this budget. Rural and urban housing schemes may be brought together with changes in Budget 2024. In the revised scheme, poor and middle class people can get more financial assistance for building houses. CAS support under PM Awas Scheme Gramin can be increased to Rs 2.3-2.4 lakh per housing unit.
Exemption limit may be Rs 3.5 lakh
The basic exemption limit can also be increased in the new income tax regime. In the last budget, the government had increased the basic exemption limit in the new income tax regime from Rs 2.5 lakh to Rs 3 lakh. In such a situation, it is expected that the government can increase it by Rs 50 thousand to Rs 3.5 lakh in this time's budget. According to some experts, it can be increased to Rs 5 lakh.
Standard deduction limit will increase
Employed people are expected to increase the standard deduction limit in Budget 2024. However, in the new and old income tax regime, the standard deduction limit of Rs 50 thousand can be increased to Rs 1 lakh.
Change in income tax slabs in the new tax regime
The new income tax regime was introduced in Budget 2020. To improve it among middle class taxpayers, the new tax regime has been strengthened in the last budget. This time the government can increase the reach of the new tax regime. Changes can be made to make it better.
Basic exemption limit up to Rs 5 lakh
Tax payers may get a lot of relief in Budget 2024. Basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. Apart from this, many changes can also be made in tax slabs.
Income tax payers will get big relief, employed people have big expectations from the budget! Read full news
CII said tax stability is very important
In the Pre-Budget 2024 Memorandum, CII said that it appreciates the work of the government in maintaining stability in tax rates. CII has said that corporate tax rates should be maintained at current levels to provide tax certainty to businesses.