2024-07-30 03:34:49
New Delhi: Finance Minister Nirmala Sitharaman will present the budget tomorrow i.e. on Tuesday. Job holders will be keeping a close eye on this budget. It is believed that many facilities can come out of the budget box for salaried employees. These can range from basic exemption in income tax slab to increase in many other deductions. It is also expected that there may be a change in the income tax slab. If all this happens, then salaried employees will be able to save more money than before. Apart from income tax exemption, many other types of relief are expected. Watch updates related to Budget 2024 LIVE here
You can get relief in these 5 things
1. Exemption from standard deduction
Currently, a standard deduction of Rs 50,000 is available in both the new and old tax systems. This is the exemption that taxpayers get without investing anything anywhere. It was increased from Rs 40,000 to Rs 50,000 in the 2019 budget. It is believed that this time the limit of standard deduction can be increased from Rs 60,000 to Rs 1 lakh in the budget.
2. Increasing the limit of Section 80C
Under Section 80C of Income Tax, taxpayers can deduct up to Rs 1.50 lakh on their income. For this, one has to invest in schemes like PPF, NPS, SSY, 5-year FD etc. There has been no change in this since 2014. At the same time, people’s salary has increased in this time. In such a situation, the limit of Rs 1.50 lakh is falling short for deduction of income tax. This limit can be increased to Rs 3 lakh.
3. Changes in tax slabs
Changes can be made in both the new and old income tax slabs. Currently, a basic exemption of up to Rs 2.50 lakh has been given in the old system and up to Rs 3 lakh in the new tax system. That means this much income is tax free. It is believed that the basic exemption limit can be increased to Rs 5 lakh in both the new and old systems. Also, a new slab of 25 percent can be added between the 20 and 30 percent slabs in the new tax system.
4. The limit of discount in treatment may increase
The limit of exemption in treatment may increase in the budget. Under Section 80D of Income Tax, till now this limit is Rs 25 thousand for taxpayers and Rs 50 thousand for senior citizens. If a taxpayer gets his senior citizen mother or father treated, he can still claim exemption up to Rs 50 thousand. It is believed that this can be increased to Rs 50 thousand for taxpayers and Rs 1 lakh for senior citizens.
5. Limit may increase in NPS
Salaried employees invest in National Pension System (NPS) for pension. On maturity, a part is received as pension on retirement. On filing income tax return, an additional exemption of Rs 1.50 lakh under 80C and Rs 50 thousand under 80CCD (1B) is available. That means you can avail a total exemption of Rs 2 lakh. It is believed that the limit of exemption under 80CCD (1B) can be increased. It can be made up to Rs 1 lakh. This will enable salaried employees to save more tax.