Union Budget 2024: Taxpayers Hope For Relief As Budget Approaches, India Needs Income Tax Changes?

Taxpayers are anxiously seeking relief in income tax as the union budget of 2024 approaches in just 2 weeks. The PMO will ultimately decide on this issue. However, what is driving the public's demand for tax reductions? Should the tax brackets be modified to account for inflation? Will there be any alterations to the income tax system in 2024, similar to those implemented in 2014? Tune in to ET Now to hear insights from Mithali Nikore of Nikore Associates and Abhishek A Rastogi, Founder of Rastogi Chambers.

#budget2024 #unionbudget2024 #unionbudget #incometax #tax #taxes #nirmalasitharaman #financeminister #etnow #budgetnews #budgetupdates #gstcollection #taxslabs #businessnews

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[HO-mgyl]

10 lakhs no tax, and no tax saving skeem , so simple . 80 % of people covered

[rajeshps]

Her only intention is to squeeze more out of the people. She is from Rajya Sabha and owns no responsibility to the people

[nagarajanviswanathan]

NSS 87 was a tax saving scheme like the PPF. However when we withdraw money it is being taxed @ 30% this must be removed.

[kalidasanramalingam]

Annual savings up to Rs. 4lacks should be exempted from tax. Standard deduction limit to be extended up to Rs. 20000/-
Tax for bank interest limit, now up to 50000/-.should be raised to 75000/-
In short budget should not be stringent but we can't expect much from the present finance minister. What to do!

[subramanianvanjiappan]

Nirmala not faced people in Elections. No govt welfare scheme for tax payers. Bureaucrats in income tax mislead to be cruel in tax rules keeping exeption limit very low over decades no bebefit for savings. Interest in savings accounts @3.5% even this taxed. EPF contribution is taxed. Housing loan rates are above 10%.
Finance ministry discuss requirement with voteless corporates but Nirmala failed see reality that only common man is having voting right not companies. Bjp just win because of this taxation policy. Better to change portfolios of Nirmala for better future of NDA

[sukhdevkundal]

Stocks held for more than one year should be fully exempted from any tax liability.Mr.Jetly the former FM imposed these taxes by amending rule in 3016.Previously it was free of any tax liability.STt on trading in stocks or investing should be reduced.

[mansharam]

Tax payers should be happy if direct tax is increased only marginally and GST is rationalised such that gst collection gets atleast doubled per month.

[rajadutta]

Tax Exemption slab should be increased for middle class who bore all the burnt of the economy .

[knnpillai]

The huge inflow of money to the central treasury is the result of taxing the DA given to the employees and pensioners from time to time. Whatever is given by the right hand is being taken away by the left hand.

[sukhdevkundal]

GST rate should be reduced 9% on investing and tradings in stocks

[anilmohapatra]

Dont worry. She will increase tax rate so that all our hard earned money will go out in form of tax

[muralidharanpillai]

careful for Govt. servient for running for center Govt this time

[tiyyaguraprabhakarareddy]

BOTH. LEADERS NOT. SUUTABKE. FIR. DEMICRACY.

[sukhdevkundal]

Dividend om mutual funds and stocks should not be taxed as it is already reduced from the value of mutual fund or stock.
More.over lstoock already may be in.losd.Two losses of investment.Sebi should ban on
stocks companies to pay dividend ot it should not be taxed.

[uttamkumardey]

Small savings से Tax लेना बन्ध करे सरकार 🙏। Slab को बढाए। 80C के तहत 1, 50, 000/- से 3, 00, 000/- करे। HRA पर full exemption दें।

[gvvskm]

Simple saral regime
One ITR - One Nation
No multiple sections

exemption income limit: 10lk

10-15lk: 2%
15-20lk: 4%
20-25lk: 6%
25-30lk: 8%
30-40lk: 10%
40-50lk: 12%
50-75lk: 14%
75lk-1cr: 16%
1cr & above: 20%

Market Capital gains (LTCG+STCG):
exemption gains: 3lk
3-5lk: 2%
5-10lk: 4%
10-20lk: 6%
20-35lk: 8%
35-50lk: 10%
50-75lk: 12%
75lk-1cr: 14%
1cr & above: 20%

Land & Gold capital gains (LTCG+STCG):
~20lk: 1%
~40lk: 2%
~60lk: 3%
~80lk: 4%
~1cr: 5%
1-5cr: 8%
5-10cr: 10%
10cr & above: 20%


Agriculture income tax:
Farmers/general people:
~5acres: 1%
~10acres: 2%
~15acres: 3%
~20acres: 4%
~25acres & above: 5%

for politicians & govt. officials: 10% tax on agriculture income.

[amitfrancis]

Is bar tax payer ko relief nahi diya nodi ne toh, this 5 yes will be last 5 years of bjp

[ranjitbhattacharjee]

Cruel Finance minister ll not change the tax slab. If you are a senior citizen if your taxable income exceeds 5 lac 10000 your slab. ll go down to 3 lacs. She is misleading with information that tax exemption is 5 lac

[guharup]

Any reforms that might actually reduce tax in some years, even if logical, is not acceptable to nirmala aunty