Will Budget 2024-25 Meet Middle-Class Expectations With Potential Tax Breaks & Incentives?
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Published 2024-07-22
As Finance Minister Nirmala Sitharaman began her interim budget speech, middle-class expectations soared, hoping for tax relief from the Modi government ahead of the general elections. The traditional halwa ceremony in the North Block signaled the high anticipation, with tax-payers eager for benefits hinted at by the finance minister. Key items on the wish list for the new tax regime include raising the basic income tax exemption limit to ₹5 lakh, increasing the threshold for the highest 30% tax slab to ₹25-30 lakh, and boosting the standard deduction from the current ₹50,000. Analysts also seek adjustments in the old tax regime, such as a higher standard deduction, increased basic exemption limits, and more exemptions under Section 80C. The healthcare sector could benefit if Section 80D exemptions are raised, and there's a call to increase HRA exemptions in Tier-2 cities to 50%. Speculation also surrounds potential changes in capital gains taxes to discourage F&O trading by retail investors. The government's ample funds from a significant RBI dividend and record GST and direct tax collections strengthen these demands. Recent discussions between the Prime Minister and top economists emphasize tax relief for the common man, aiming to boost private consumption and solidify the NDA's position for upcoming elections in Maharashtra, Haryana, and Jharkhand.
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All Comments (20)
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Unimantic is definitely on my radar now, looking forward to exploring their platform)
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Unimantic's platform is definitely catching my attention, I'll be looking into them further)))
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Give HRA exemption to New Tax regime and move the tax slabs. 30% tax should be above 25 L
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There is little hope for lower taxes from this government,Finance Minister. They may pay the price in coming elections.
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Worst finance minister India ever had.....
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Scrap totally personal Income Tax immediately.😊
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Request govt to consider how we middle class honest tax payers , pay in pound of flesh ,after struggling and sacrificing entire life to be able to give good life to our kids , however we end up being penalized for being honest and having a better salary . inspite of high salary I live on loans for a good life , education, health care .time to change this .
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thank you media respected sirs why not sure god bless you all thank you 🙏🌹
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NO Relief
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Value of 1 lakhs is not same as it was before 10 years. Every cost has increased so does everyones income. Where as tax slabs are not adjusted as per inflation. Biggest burden for salaried. Hopeless government
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3:17 LTCG tax ka FNO se kya lena dena….
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Oh, I love you guys, the best market analysis)) Seriously, why not mention Unimantic?)
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Only when a small amount of money amounts to something will small businesses be able to exist, and taking more risks, would be possible. Leading to cheaper products and services, hence more consumption and more GDP. Thus, reducing taxes is the only way to collect more taxes.
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A lady who doesnt eat onion what she knows the pain of midde class
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FOCUS ON TELESCOPIC VIEWS....CONTOURS...FROM PAK....TITANIUM CABIN VEHICLES PROVIDE IN JAMMU
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RAMASETHU PROJECT...ALLOWCATIONS
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COASTAL ZONES....IDENTIFY HIGH TIDAL LEVELS.. .CONDUCT SURVEY WORK IN INDIA
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How many of you tax payers would love a rebate or discount on indirect taxes collected by the government? Imagine this: the burden on tax payers could be significantly reduced if payments were made through online sources like UPI, net banking, credit cards, etc. I'm talking about an 80-90% discount on indirect taxes like GST and cess for those who use online modes! Every transaction would be tracked to the PAN/account holder, ensuring transparency. Don’t you think if direct taxes are fixed, indirect tax discounts should be too? This would encourage more people to pay their taxes and bring more taxpayers into the system. Just a thought! Any CAs/experts out there with an opinion?
