Budget 2024: A big news is coming for taxpayers. In fact, from February 1, during the speech of Finance Minister Nirmala Sitharaman, people’s eyes are mostly on the rules related to income tax. This time also something similar is going to happen. It is being told that Nirmala Sitharaman can make some important changes in the new income tax regime. Let us know in detail in the news below-
During the Finance Minister’s budget speech, people’s eyes are mostly on the announcement related to income tax. Even before the budget, most estimates are made regarding changes in income tax rules. Finance Minister Nirmala Sitharaman will present the Union Budget (Union Budget 2024) on 1 February. This will be an interim budget.
He had said on December 7 that the budget to be presented on February 1 would be vote-on-account. This means that the focus of the government in this budget will be to arrange its expenses for the first few months of the next financial year. For this, the government will pass vote-on-account in Parliament. Experts say that there is little hope of the government making changes in the income tax rules in the interim budget. But, in the interim budget of 2019, Union Minister Piyush Goyal had made big announcements. Therefore the government can provide some relief to the taxpayers.
Focus will be on new tax regime
Experts say that Finance Minister Nirmala Sitharaman may announce measures to make the new income tax regime attractive on February 1. Currently, the benefits of Section 80C are not available in the new income tax regime. The benefit of section 80D is not available. There is no benefit of deduction on home loan interest. Deduction is available on purchasing life insurance policy.
This is available under section 80C. Experts say that the government’s focus is on bringing more people under basic insurance. In this, life insurance policy and health policy are most important. At least middle class taxpayers should be allowed to claim deduction on purchasing health insurance and term life insurance policies. Therefore, the Finance Minister should announce deduction on at least these two insurance products in the new income tax regime.
Focus will be on new tax regime
Experts say that Finance Minister Nirmala Sitharaman may announce measures to make the new income tax regime attractive on February 1. Currently, the benefits of Section 80C are not available in the new income tax regime. The benefit of section 80D is not available. There is no benefit of deduction on home loan interest. Deduction is available on purchasing life insurance policy.
This is available under section 80C. Experts say that the government’s focus is on bringing more people under basic insurance. In this, life insurance policy and health policy are most important. At least middle class taxpayers should be allowed to claim deduction on purchasing health insurance and term life insurance policies. Therefore, the Finance Minister should announce deduction on at least these two insurance products in the new income tax regime.
