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Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget 2024 on February 1. It is speculated that as a pre-election gift, the Modi government may increase the income tax exemptions.
Deepashree Shetty, Partner, Tax & Regulatory Services, BDO India, shares her views on expectations from the interim Budget 2024 such as raising standard deduction limit to ₹65,000, allowing NRIs to get their income tax return verification done on their overseas mobile numbers and more.
Budget 2024 : In an interview with MintGenie, Thakkar said that in GST, there could be some rationalisation of rates because many basic necessity items are taxed at a higher band.
Budget 2024: Experts believe there is an urgent need to hike the 80C deduction ceiling as many working people heavily rely on it for tax deductions
Deductions under new tax regime: The interim budget by the Modi government is around the corner. Many salaried individuals are hoping for some tax relief in the Budget 2024. The government is trying to make taxpayers choose new tax regime instead of old tax regime. However, according to tax experts, more deductions must be offered under new tax regime to make it attractive.