Budget 2024: Taxpayers will get good news! Scope of tax exemption may increase, know how much benefit you will get
Budget 2024: It's anticipated that the government will introduce a few minor adjustments to the new tax system in this budget. The current tax exemption is being increased through brainstorming.
The interim budget of the Modi administration will be presented on February 1, 2024. The public is hoping that Finance Minister Nirmala Sitharaman will be able to announce the note this time. The upcoming budget is rumoured to contain some good news for taxpayers. Experts say that adjustments to the new tax system could be made in the vote on account budget that is scheduled for February 1. It is anticipated that the current tax exemption's purview may be expanded. It's thought that those who make a certain salary may have more leisure time.
It is anticipated that in Budget 2024, the government will likely make a few minor adjustments to the new tax system. The current tax exemption is being increased through brainstorming. Taxpayers hope that the existing tax exemption in the new tax regime is Rs 7 lakh. This can be increased to Rs 7.5 lakh. That means taxpayers can get an additional rebate of Rs 50 thousand.
Tax experts predict that shortly, the new tax system may undergo significant modifications. There will be numerous advantages to this. The government is placing a strong emphasis on raising tax revenue. The upcoming financial year is anticipated to see tax-free salary up to Rs 8,00,000 for employees. Experts estimate that the exemption cap could reach Rs 8,00,000 if the budget includes such a clause. There is currently no tax on earnings up to Rs 7,50,000.
Finance Minister Nirmala Sitharaman raised the income tax exemption threshold for taxpayers under the new direct tax system in her most recent budget. It was raised by Seemaraman from Rs 5,00,000 to Rs 7,00,000. Along with this, the basic exemption threshold was raised to Rs 3,00,000 from Rs 2,50,000.
