Budget 2024: Regarding the budget announcement on 1 February 2024, the salary class expects that the Finance Minister should make such announcements so that the scope of tax exemption can be increased. The Finance Minister of the salaried class is expected to make such announcements in this budget, which can save their earnings.
Budget 2024: Finance Minister Nirmala Sitharaman is going to present the final budget of the second term of the Modi government. The Finance Minister will present the interim budget in Parliament on 1 February 2024. It is an election year, so people’s expectations are also high. The Finance Minister also has his expectations for the employed people. The expectation of taxpayers and employed people is regarding tax exemption. According to the expectations of the salary class people, if the Finance Minister makes only two announcements in this budget, it will be a big relief for them. The salary class expecting tax exemption wants the Finance Minister to announce two changes in the budget. With these two changes, they will get great news.
Increase in tax exemption limit
The Finance Minister has increased the tax rebate in the new tax regime in the budget proposal for the year 2023-24. In the budget announcement for the year 2023, the exemption limit in the new tax regime was increased from Rs 5 lakh to Rs 7 lakh. That means, if a tax payer chooses the new tax regime, he will not have to pay any income tax on annual income up to Rs 7 lakh. Now employed people hope that the government should increase this limit from Rs 7 lakh to Rs 10 lakh in the budget. Taxpayers have great expectations from the Finance Minister in this budget.
Old tax regime
No changes were made in the old tax regime of income tax in the budget announcement for the financial year 2023-24. In the old tax regime, only annual income up to Rs 5 lakh gets tax rebate. That is, if a tax payer chooses the old tax system and avails the benefit of deduction under different sections of income tax and his annual income is up to Rs 5 lakh, then he will not have to pay any tax. Employees are hoping to increase the rebate in the old tax system. People are hopeful that the government may give big relief to the salaried class before the Lok Sabha elections, however, whether the taxpayers get relief or not will be known only on February 1.
