The Union Budget 2024 will be presented on Tuesday by Finance Minister Nirmala Sitharaman. With tax buoyancy, all eyes will be on FM Sitharaman to deliver the much-needed tax relief for the middle class, putting more money in their hands. In the budget, the government may make a special tax announcement. There might also be a news release regarding Section 80C and Standard Deduction. Experts are optimistic that this year’s budget will include a shift in the tax slab. She will be on her seventh consecutive budget.
In the 2018 budget, the BJP government raised the standard deduction to Rs 40,000 annually. Following this, the 2019 interim budget raised the standard deduction cap to Rs 50,000 annually. The standard deduction has not changed since that time. It is anticipated that the government will be able to raise the standard deduction in this budgetary period. The standard deduction could be raised from Rs 50,000 to Rs 1 lakh annually.
Both the current and previous tax regimes allow for an increase in this standard deduction. Individuals who receive a salary or pension, excluding business owners, can claim a standard deduction. But in addition to regular deductions, the government has the authority to declare tax holidays. It is anticipated that the government will alter the tax slab.
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