Page 4 - Standard Deduction News Today

Despite the limitations of this Budget, common man, especially the middle class taxpayers are eagerly awaiting some income tax reforms by FM Sitharaman that would enable them to curtail their tax outgo.  - Budget 2024: 5 Things Middle Class Taxpayers Expect Sitharaman To Include In Interim Statement

Budget 2024 Income Tax Live: Income tax slabs 2024-2025 changes - Income tax relief is one of the top expectations every year from the Union Budget a

Typically, no major tax measures are announced in a vote-on-account. Despite this, however, individuals and tax experts were expecting some tax sops to be announced in the backdrop of upcoming elections.

Standard deduction limit in Budget 2024: The standard deduction limit was last hiked in interim budget 2019. Since then maximum deduction amount has been kept unchanged. Last year, finance minister Nirmala Sitharaman brought the benefit of standard deduction under new tax regime.

Though a significant rejig in the direct tax rates and exemptions was in any case not expected, however, the salaried class was still hopeful to receive some benefit from the Interim Budget to reduce the tax burden.

The term 'Lakhpati Didis' refers to women members of Self Help Groups (SHGs) who harness their entrepreneurial skills and earn a sustainable income of at least Rs 1 lakh per year per household. The scheme, aimed at economic independence and women empowerment.

Going by the recent state poll results, FM Nirmala Sitharaman seems to be under no pressure to woo the middle class right away. But she could repeat the 2019 Budget when the maximum limit of the tax rebate was increased to Rs 12500 from Rs 2500. TDS limit on post office savings and bank deposits was hiked from Rs 10000 to Rs 40000.

Budget 2024: The middle class is eagerly awaiting some income tax reforms that would enable them to curtail their tax outgo

The Budget is crucial this year as it is the election year and the government holds the key. All eyes are on Finance Minister Nirmala Sitharaman on how the NDA government would balance the fiscal goals and electoral appeal.

These tax credits and deductions could save you money.