🔴 Union Budget 2024 Live Updates

The Finance Minister, Nirmala Sitharaman, is all set to present the Union Budget for the seventh time on July 23rd 2024. In this upcoming budget, almost everyone is expecting some significant changes in the new tax regime, higher tax exemptions, and a lot more. 

The Finance Minister, Nirmala Sitharaman, is all set to present the Union Budget for the seventh time on July 23rd 2024. In this upcoming budget, almost everyone is expecting some significant changes in the new tax regime, higher tax exemptions, and a lot more. 

Salaried taxpayers anticipate substantial tax reforms in the upcoming Union Budget 2024. With the global slowdown and high inflation, citizens expect tax reforms to boost savings and purchasing power, especially for the middle class. 

1. Reduced Tax Rates in New Tax Regime: The government may consider reducing the highest tax rate of 30% to 25% in the new regime to make it more appealing.

2. Enhanced Thresholds and Deduction Limits: The government can look at increasing the income threshold for a 30% tax rate from the current ₹10 lakhs to ₹20 lakhs under the old regime. Standard deduction and investment limits under Section 80C could also be raised as interim relief measures.

3. Increase in Standard Deduction Limit: Salaried individuals seek higher standard deduction beyond the current ₹50,000 per year for higher tax savings.

4. Higher Exemption Limit for Capital Gains: Expectation grows for raising Long-Term Capital Gains (LTCG) exemption from ₹1 lakh to ₹1.5 lakhs or ₹2 lakhs in the Union Budget 2024.

5.Increased House Rent and Transport Allowances Exemptions: Expectations for higher exemptions on house rent (limit of 50% of the basic salary currently) and transport allowances to cope with rising expenses in metro cities.

Read more : 

Union Budget Expectations 2024 for Salaried Individuals

Union Budget 2024 Expectations

Budget 2024: Top 7 Expected Income Tax Benefits