Only a few days are left for the country’s budget to be presented. On February 1, the Finance Minister can make all efforts to woo the taxpayers. To please the taxpayers, the government may make minor changes in the new tax regime in Budget 2024.
According to sources, there is a possibility of income tax free up to Rs. 8 lakh in the budget. Let us know about it in detail.
On February 1, Finance Minister Nirmala Sitharaman will present the country’s interim budget. In such a situation, the taxpayers of the country can get very good news. Yes, they may get some good news in the upcoming budget. This is an election year, so the government will make every possible effort to woo the taxpayers. Therefore, there are chances of taxpayers getting big relief in the budget. If sources are to be believed, there may be a change in the new tax regime in the vote on account budget to be presented. Apart from this, the scope of existing tax exemption can also be increased. Under which income up to Rs 8 lakh will be tax free. Let us give you detailed information about this in detail.
This change may happen
To please the taxpayers, the government may make minor changes in the new tax regime in Budget 2024. In this, consideration is being given to increasing the existing tax exemption. The current tax exemption in the new tax regime is Rs 7 lakh. This can be increased to Rs 7.5 lakh. Meaning additional discount of Rs 50 thousand can be given. Earlier, the government had increased the exemption limit in the new tax regime from Rs 5 lakh to Rs 7 lakh. In this, the rebate in Section 87(A) was increased from Rs 12500 to Rs 25000.
Income will be tax free up to Rs 8 lakh?
Salary up to Rs 8 lakh can be tax free in the coming financial year. Tax experts believe that if such a provision is made in the budget, the limit of tax exemption can be up to Rs 8 lakh. At present, there is tax exemption on income up to Rs 7.5 lakh. This also includes basic exemption, rebate and standard deduction.
Got the gift of standard deduction
In the Union Budget for the year 2023-24, Finance Minister Nirmala Sitharaman had made changes in the new tax regime. In this, the basic exemption limit was increased from Rs 2.5 lakh to Rs 3 lakh.
At the same time, the limit of rebate available up to Rs 5 lakh was increased to Rs 7 lakh. Apart from this, the benefit of standard deduction was also added to it. After this, income up to Rs 7.5 lakh became tax free.
