2024-07-21 09:00:01
New Delhi: The budget (Budget 2024) will be presented in Parliament on Tuesday, July 24. When Finance Minister Nirmala Sitharaman will be presenting the budget, the eyes of the taxpayers will be on her. This time taxpayers have high expectations from the budget. It is believed that many types of relief can be given to taxpayers. Changes can be made from tax exemption to income tax slab. At the same time, some additional exemptions can also be given in the new tax system. Many people demand that the deduction limit given in section 80C of Income Tax should be increased. Along with this, there should be changes in the tax slab as well.1. Increase in deduction limit under 80C
Many taxpayers are demanding to increase the deduction under Section 80C of Income Tax. Currently, a maximum deduction of Rs 1.50 lakh can be availed under this section. It is believed that it can be increased to Rs 2 lakh. If this happens, it will provide great relief to taxpayers.
If you have sold gold then you will have to pay income tax, know how much will you have to loosen your pocket?
2. The limit of standard deduction may increase
It is expected that the limit of Standard Deduction can be increased in the budget this time. Currently, a standard deduction of Rs 50,000 is available on both the new and old systems. This can be increased to Rs 1 lakh. The biggest advantage of this deduction is that it does not require any proof of expenditure.
3. Increase in basic exemption limit
The basic exemption limit can be increased in both the new and old systems. Currently, the basic exemption limit is Rs 3 lakh under the new system and Rs 2.50 lakh under the old system. It is expected that it can be increased to Rs 5 lakh in both. If this happens, then people with annual income up to Rs 5 lakh will not have to pay any tax.
4. Change in slabs of new tax system
Many taxpayers feel that there are too many slabs in the new tax regime. These should be reduced. At the same time, many believe that there should be an additional tax slab of 25 percent between the 20 and 30 percent slabs. This tax slab should be between Rs 15 and 20 lakh. This will reduce the tax burden. In such a situation, it is believed that there may be some change in the tax slab.
5. Facility of HRA or home loan deduction in the new system
The biggest change can be seen in the new tax system. One of these is that the new system should provide the facility of deduction on HRA or home loan interest. Actually, many taxpayers are not able to go to the new tax system because it does not provide the benefit of home loan and other savings related facilities. It is believed that the facility of deduction on HRA or home loan interest can be available in the budget.