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New Delhi: <\/strong>The budget for the fiscal year 2024-25 is scheduled to be unveiled today, July 23rd, 2024. There is considerable anticipation for Budget 2024, especially regarding its impact on income tax.<\/p>\n As Finance Minister Nirmala Sitharaman prepares to disclose the details in her parliamentary speech, here are the main expectations:<\/p>\n Expected Income Tax Changes:<\/p>\n \u2013 Increase in Tax Exemption Limit: The basic exemption limit under the new tax regime may be increased from Rs. 3 lakh to Rs. 5 lakh, offering substantial relief to lower-income taxpayers.<\/p>\n \u2013 Modifications to the New Tax Regime: The government is likely to introduce changes to enhance the appeal of the new tax regime, potentially including adjustments to tax slabs and new deductions.<\/p>\n \u2013 Rise in Standard Deduction: There could be a rise in the standard deduction limit, providing extra tax relief for salaried individuals.<\/p>\n \u2013 Expansion of Tax Benefits: Tax benefits or incentives might be extended to encourage certain sectors or investments.<\/p>\n Key Expectations for Budget 2024 Income Tax:<\/p>\n \u2013 Streamlining of Tax Regime: A simplification of the tax system is anticipated to lessen the compliance load.<\/p>\n \u2013 Emphasis on the Middle Class: The government is expected to focus on middle-class concerns by offering tax concessions and increasing disposable income.<\/p>\n Encouraging Savings and Investments: Measures to promote savings and investments through tax incentives are anticipated.<\/p>\n<\/div>\n [ad_2] [ad_1] New Delhi: The budget for the fiscal year 2024-25 is scheduled to be unveiled today, July 23rd, 2024. There is considerable anticipation for Budget 2024, especially regarding its impact on income tax. As Finance Minister Nirmala Sitharaman prepares to disclose the details in her parliamentary speech, here are the main expectations: Expected Income Tax […]<\/p>\n","protected":false},"author":1,"featured_media":36370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-36369","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nation"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/07\/1721711737_OIP-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/36369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=36369"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/36369\/revisions"}],"predecessor-version":[{"id":36371,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/36369\/revisions\/36371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/36370"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=36369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=36369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=36369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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