Budget 2024: The countdown for the general budget has begun. Shortly from now, at exactly 11 am, Finance Minister Nirmala Sitharaman will start the budget speech in Parliament.
Like every time, in this budget too, the eyes of taxpayers and working people will be on the changes in the income tax slab, increase in standard deduction and more relief in housing loan interest and section 80C. However, where and how much relief will Finance Minister Nirmala Sitharaman give. It will be clear after 11 o’clock. It is expected that the government can make taxpayers happy by changing the income tax slab, as well as increase the standard deduction.
Increase in income tax limit possible: There is a possibility that under the new tax system, the basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. This decision will provide great relief to low-income group taxpayers.
Changes in the new tax regime: The government can make further changes in the new tax system to make it more attractive. This can include adjustments in the tax slabs or additional deductions.
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Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.
Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.
Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.
Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.
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More tax exemption on home loan interest: Under Section 24(b) of the Income Tax Act, tax exemption can be claimed on interest up to Rs 2 lakh on home loan. However, there is a demand to increase this deduction to Rs 4 lakh. At the same time, some real estate experts have demanded to increase this limit to Rs 5 lakh. This will improve the property market as well as the common man.
