India: Income Tax Relief Expected in Union Budget 2024? | Subscribe to Firstpost

India: Income Tax Relief Expected in Union Budget 2024? | Subscribe to Firstpost

The Indian government's decision to increase the tax rebate under the new tax regime to Rs 7 lakh in 2023 delighted the salaried class. Despite this, the majority of taxpayers are still opting for the old regime, holding onto various exemptions. Introduced in 2020, the new regime offers lower taxes without offering any exemptions, with a recent addition being the Rs 50,000 standard deduction. Experts anticipate that before the General Election, Finance Minister Nirmala Sitharaman might surprise the salaried class in the Budget 2024 with additional tax rebates, higher basic exemptions, and offer medical deductions in the new regime.

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[Mks]

School fees exemption is 1200 yearly and school fees are more than lakh rupees
Amount of tax we pay can sponsor many kids
Complete taxation system should be reviewed for working class
Provide gst benefits because after deduction of tax we salary comes and again we have to pay tax of every thing