Budget 2024: This time the Finance Minister (Nirmala Sitharaman) will present the interim budget (Interim Budget 2024-25). This time Lok Sabha elections are to be held in the country, so the chances of making big announcements are slightly less. Let us tell you what are the tax-related expectations of the general public this time in the budget-
Budget 2024: The country’s budget will be presented on 1 February. Like every year, everyone has high expectations from this budget also. However, this time the Finance Minister (Nirmala Sitharaman) will present the Interim Budget 2024-25. This time Lok Sabha elections are to be held in the country, so the chances of making big announcements are slightly less. Meanwhile, middle class and employed people are expecting tax relief. Like always, this time also everyone is expected to get rebate in tax.
Let us tell you what are the tax-related expectations of the general public this time in the budget-
80C deduction limit
According to experts, this time in the budget the government may increase the limit of 80C. The amount of insurance premium covered under Section 80C can be increased. The government can increase its limit from Rs 25,000 to Rs 50,000. At the same time, for senior citizens this limit can increase from Rs 50,000 to Rs 75,000.
Apart from this, experts believe that by increasing the benefits of Section 80D of the new tax regime, the government will give a great boost to the reach of the healthcare service sector.
80C limit was increased 10 years ago
Let us tell you that the government had last increased the limit of Section 80C in the year 2014. Till the financial year 2013-14, the limit under this section was only Rs 1 lakh. However, in the 2014 budget it was increased to Rs 1.5 lakh. The limit of this section was last increased 10 years ago. At the same time, taxpayers and employees expect the government to increase this limit every year.
TDS processing should be made easier
According to experts, currently, 1% TDS is deducted on purchasing property worth more than ₹50 lakh. Whereas this process is quite straightforward for resident sellers. At the same time, it is very difficult for Non-Resident Indian (NRI) sellers.
Capital gains tax should be made easier
Apart from this, at this time investors have to face many challenges regarding capital gains tax. There are many problems in this, from tax rate to residency status and holding period.
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