The Union Budget for 2024-25 has been presented. This marks the first Budget of the Modi Government's third term.
Increased Tax Exemption Limit
Increased Tax Exemption Limit
the basic exemption limit under the new tax regime from Rs. 3 lakhs to Rs. 5 lakhs. aims to provide significant relief to taxpayers in the lower income bracket.
Tweaks to New Tax Regime
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,
Hike in Standard Deduction
An increase in the standard deduction limit could offer additional tax relief to salaried individuals, thereby boosting their disposable income.
Extension of Tax Benefits
Extension of Tax Benefits
There is a possibility of extending certain tax benefits or incentives to promote specific sectors or investments, encouraging economic growth and diversification.
Simplification of Tax Regime
Simplification of Tax Regime
Simplifying the tax regime would make it easier for taxpayers to understand and comply with their tax obligations.
Focus on the Middle Class
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. This could include tax breaks on long-term savings instruments
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The Union Budget 2024 is poised to bring several key changes to the income tax landscape in India. Taxpayers are eagerly anticipating an increased..............