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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.