Budget 2024: Finance Minister Nirmala Sitharaman is set to present her first budget of the Modi 3.0 regime on July 23 in Parliament. This will mark her seventh consecutive budget presentation, following an interim budget presented earlier in February this year.
With only a fortnight remaining before the Union Budget 2024, taxpayers, especially those in the middle class, are eagerly awaiting potential tax relief measures. The primary expectations include raising the basic exemption limit from Rs 3 lakh to Rs 5 lakh, increasing standard deduction limits, and introducing new deduction benefits under the new tax regime.
- Current Deduction Benefits Under the New Tax Regime
At present, the new tax regime offers a standard deduction benefit of Rs 50,000, without the other deductions and exemptions available under the old tax regime. Taxpayers are hopeful that the upcoming budget will introduce more favorable measures to provide much-needed relief.
Expert Predictions on Tax Structure Changes
Experts anticipate significant changes in the tax structure in the forthcoming budget. They predict that the government may increase the basic tax exemption limit under the new tax regime from Rs 3 lakh to Rs 5 lakh per annum. Such a move would likely be welcomed by middle-class taxpayers seeking financial relief amid rising costs.
Broader Implications and Government’s Commitment
The Union Budget 2024 will be a critical indicator of the government’s commitment to addressing the financial concerns of the middle class. By potentially raising exemption limits and offering more deductions, the Modi 3.0 regime aims to ease the tax burden on citizens and stimulate economic growth.
Finance Minister Sitharaman’s upcoming budget presentation not only holds historical significance as her seventh straight presentation but also carries immense expectations from various economic sectors. The decisions made in this budget will likely shape India’s financial landscape and set the tone for future economic policies.
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