Union Budget 2024 | Income Tax Changes For Middle Class? | Nirmala Sitharaman | What Can We Expect?

As India gears up for Union Budget 2024-25, anticipation is rife over some major tax reforms set to impact millions. Will Finance Minister Nirmala Sitharaman lighten the load for the Middle Class? Will the New Tax Regime dominate, or will the Old Tax Regime persist? Join News9's Krishnakumar in conversation with Sudin Sabnis, Partner, Direct Tax, Laxmikumaran & Sridharan and Richa Sawhney, Chartered Accountant, Walker Chandiok & Co Llp for more details.

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[joyjoseph]

Introduce Income Tax, for MLA's, MP's, Ministers, etc. as it is an income of the period.

[vijayalakshmikrishnamohan]

Hi! What about families that are spending on health care particularly like cancer care? Even if the patients are accessing private cancer treatment and care, shouldn't government consider providing tax reduction or rebate to the patient or the care givers who may be salaried? Cancer treatment and cancer care is expensive even if people pay for private insurance. Government should understand that. Cancer treatment care are financially draining for the impacted persons and families.

[MrRajeevnambiar]

Abolish income tax. Already there are so many taxes.

[parthi]

They know nothing about middle class 😢John snow.😅 They only know the rich 🤑 from where their party is maintained.

[gvvskm]

Expecting Tax relief:
simple Tax provision

Total gross income - exempted income (Fixed tax)

~ 5.0 lk: 0%
5.0-10.0 lk: 2%
10.0-20.0 lk: 4%
20.0-30.0 lk: 6%
30.0-50.0 lk: 8%
50.0-75.0 lk: 10%
75.0-1.0 cr: 12%
1.0-4.0 cr: 14%
4.0-8.0 cr: 16%
8.0-15.0 cr: 18%
15.0 cr & above: 20%

LTCG+STCG
*exemption limit to increase upto ~3.0lk
*Tax on capital gains
~5.0 lk: 2%
5.0-10.0 lk: 3%
10.0-20.0 lk: 4%
20.0-35.0 lk: 5%
35.0-50.0 lk: 6%
50.0-1.0 cr: 8%
1.0-5.0 cr: 10%
5.0 & above: 12%

Agriculture tax:
(For farmers)
~5.0 acre: 1%
5.0-10.0 acre: 2%
10.0-20.0 acre: 3%
20.0 & above: 4%

(For politicians)
~10.0 acres: 5%
10.0-25.0 acres: 8%
25.0 & above: 10%

[RKV]

Charge GST on halal products and let government earn income At present only Muslim board gets income for halal certification..GST is exempted for all halal products

[Dronzer]

I have been saying make it lucrative and you will earn more....simplicity is the key
0-10 Lakh - NO TAX
10-20 Lakh - 10%
20-40 Lakh - 20%
40 Lakh and above - 40%
No Tax rebates of any kind


It is time for to go for broke, if we want a 2047 developed nation with an overcrowding population we cannot have them paying tax to fill the pockets of the corrupt we need people to get rich. And measely tinckering is not going to help!

[lourdumary]

India grows enough food items. If only the Central Government has the goodwill to fix MSP to strengthen the farmers financially. Then the food prices become stable and people will able buy essential food items.

[yashanvithadevavarenya]

What about every 3 lakhs to 15 lakhs of millionaires n billionaires? Why it won't go on increasing 5% to 30% n then 35 to 40% then 45 to 50% then 55 to 60% then 65 to 70% 75% to 80% for every millionaires n billionaires ? Why it got stopped only at 15 lakhs rs as if no one earning after 15 lakhs n not heaping up the currency hidden in their bathroom n underground n inside the bed n cot n walls .

[HO-mgyl]

No Tax until 10 lakhs, and no saving skeems.

[atharali]

really? Modi tho middle class dushman hai, sirf Ambani/Adani ka dosth۔

[ganesanp]

Every yr u say about middle class and tax rebate but nothing happened and nothing' is going to happen, suffers are middle class

[grspouq]

Namaste 80+ are the worst hit all the talk that 80+ has no taxs upto 5 lakh is not working The present tax table starts from 3 lakh 80 C should be introduced in New regim The limit of 10 percent of total income to be removed to further improve Donation Thanks

[ravindranmokkilmaruthur]

In every budget bjp has been springing some surprises. Like exit poll these forecasts may also go wrong by a mile.

[sumalatha]

M. Dirgasumangalini Sumalatha Naku Nyayam kawali🥭 RailwayJob chesthanu kawali RailwayJob chesthanu kawali M. Dirgasumangalini Sumalathani.

[VVamshiKrishna]

If one person has hopes that she increases 80c limit or she increases slabs. Say it here if she really does any thing above i am going to give a gift to the persons who has hopes.😅

[gowrishankarkn]

It's a sheer waste of time, air time discussing the Budget. Nothing, literally nothing is going to change for the middle class. Why? They are only honest taxpayers. Not marwadis, and not Gujjubhais. She is not a fool. You and I who draw a salary are. So, stop dreaming.

[sumalatha]

M.Dirgasumangalini Sumalatha ni Na🚽🥭 bartha🥭, own🥭 children snehasri🥭 Brathakali🥭🚽🍚, M. LekhasriBrathakali Rice🍚 🥭Rice🍚Ammani shrilalithadewini.

[TransformerRaja]

दादी किस दिन मरोगी, माई इस दादी को देखती हूं तो बहुत दुख होता है कि दादी अब तो मर जाए, खाने को नहीं मिला है अभी- पूरी तड़का भर पेट, अपनी बेटी के पति को तो सचिव बना दी और हमलोग से टैक्स पे टैक्स वसूल रही है अब तो मर जाओ, वर्ना बीजेपी को सीट जितनी में मदद करनी होगी हम लोग को वो भी कुल 5 सीट देगी।
====दादी एक बात बताना, डर लगता है क्या हिंदी बोलने में जो तुम सदन में बजट लेट टाइम इंग्लिश जरूरी हो, या डर है कि पोल खुल जाएगा मिडिल क्लास वालो को कितना लूट रही हो।====

[balagopalpg]

Her budgets were anti poor and pro wealthy 😢