Budget 2024: According to media reports, news is coming that the government is considering increasing tax exemption for people with income around Rs 7 lakh under the old tax regime in this interim budget.
Budget 2024: The country’s budget will be presented on 1 February. Although all sections of the society always have high expectations from the budget, but this time the budget is quite special. Lok Sabha elections are also to be held in the country this year, due to which there are a lot of expectations from the budget. The middle class always expects tax relief. Before this time’s budget, important updates regarding tax are coming out.
According to media reports, news is coming that the government is considering increasing tax exemption for people with income around Rs 7 lakh under the old tax regime in this interim budget.
Hope for tax relief
The objective of this step of the government is to provide relief to low income people without creating the problem of financial loss. Along with this, some good news may also come for women farmers. The government hopes to improve the tax system and please the general public by giving tax exemptions.
Relief was given in the last budget
Last year also the government had given relief on the tax front in the budget. The government had increased the exemption available under the new tax regime from Rs 5 lakh to Rs 7 lakh. This time, if the government makes changes in income tax, then employed people can get big relief.
The new tax regime is quite simple
Let us tell you that there are about 70 ways to reduce income in the old tax regime. At the same time, the new tax system is quite simple and is good for high income earners. As of now, many kinds of improvements can be seen in it.
The general public will be happy!
According to media reports, it is believed that the general public will be very happy with such announcements and relief in the tax system. Along with this, people with low income will also get relief. Apart from this, there is also news that the government can help women farmers by giving them tax benefits and other assistance to improve their finances and modernize farming practices.
