Budget 2024: Modi government can give a big gift in the budget to people earning up to Rs 10 lakh annually. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can focus on capitalizing on its vote bank, especially the salary class and middle class.
Budget 2024: Modi government can give a big gift in the budget to people earning up to Rs 10 lakh annually. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can focus on capitalizing on its vote bank, especially the salary class and middle class. The biggest tension of the salaried class is to save tax. This time it has to be seen whether the government increases the limit of tax exempt income for people earning Rs 10 lakh annually in the budget.
Will the government provide relief to employed people in the budget?
The Government of India will provide relief to employed people in the budget. The current government of Prime Minister Narendra Modi will present its final budget on 1 February 2024. The question is whether the government will make big announcements for the salary class in the interim budget to be presented on 1 February 2024? However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but it remains to be seen whether the government will provide relief to small taxpayers.
Currently tax exemptions are available on income of Rs 7 lakh
Currently, taxpayers get tax exemptions on annual income up to Rs 7 lakh. Earlier in the interim budget of 2019, Piyush Goyal had announced tax exemptions for taxpayers with annual income up to Rs 5 lakh. Taking full advantage of deductions and exemptions, tax liability was reduced to zero even on annual income of Rs 6.5 lakh. He had also announced to increase the standard limit by 25 percent. Standard deduction was increased from Rs 40,000 to Rs 50,000.
Will there be no tax on salary up to Rs 10 lakh?
Common employed people are expecting this limit to increase in the budget. Salary Class is expecting that this limit will increase from Rs 7 lakh to Rs 10 lakh in the budget. So no tax will have to be paid on annual income up to Rs 10 lakh. If this happens, common working people will get huge tax relief and will be able to save more.
