Budget 2024: Modi government can give special exemption to taxpayers in the budget. Taxpayers have also set many expectations from the Modi government. Finance Minister 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. Before this, the government will present the interim budget on 1 February 2024.
Budget 2024 : Modi government can give special relaxation to taxpayers in the budget. Taxpayers have also set many expectations from the Modi government. Finance Minister 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. Before this, the government will present the interim budget on 1 February 2024. In such a situation, the government can focus on capitalizing on its vote bank, especially the salary class and middle class. The biggest concern of the salaried class is to save tax and they want to save as much money as possible. This time it remains to be seen what special announcements the government can make for taxpayers in the budget.
Government may increase the income limit for rebate in the old tax regime
Nirmala Sitharaman had said on 1 February 2023 that in the new tax regime, taxpayers with annual income up to Rs 7 lakh will not have to pay any tax. For this, the rebate limit was increased from Rs 5 lakh on annual income to Rs 7 lakh. This rebate was not increased in the old income tax regime. This time it is expected that the tax rebate limit in the old tax regime may be increased from Rs 5 lakh to Rs 7 lakh. Currently only people with annual income of Rs 5 lakh get this rebate.
Government will provide relief to employed people in the budget
A new government will be formed at the Center after the Lok Sabha elections in April-May. She will present the full budget for the financial year 2024-25 (Union Budget 2024). Whether the Government of India will provide relief to employed people in the budget or not, it will be known on 1 February 2024. 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. Along with the new tax regime, exemption will be given on the old tax regime. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but it is expected that the government can provide relief to small taxpayers.
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