Finance Minister Nirmala Sitharaman is scheduled to unveil the Interim Budget for 2024-25 at 11 am on February 1st, 2024.
The income tax slab has become a focal point of discussion, with numerous individuals anticipating review that could potentially reduce tax liabilities.
5. Tax rebate and exemption limit
People are hoping that the tax rebate goes up to Rs 7.5 lakh and the basic exemption limit increases to Rs 3,50,000.
4. Capital gain taxes:
There's a need to make the capital gains tax system simpler, as it's currently complicated with different holding periods.
The New Tax Regime, which features modified tax slabs and reduced rates, is designed to simplify the rules for personal income tax.
The deduction under NPS under Section 80CCD(1B) should be brought back in the budget to be presented tomorrow and this limit may be increased to Rs 1,00,000.
Another item on the wish list of salaried individuals for the upcoming budget is the exemption of GST from insurance policies, making insurance more affordable.
In conclusion, taxpayers eagerly await FM Nirmala Sitharaman's budget, anticipating key revisions. The budget holds the promise of addressing these crucial concerns.