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| Name | Income Tax Changes In Budget 2024 | What Middle Class Can Expect |
| Video Uploader | Video From NEWS9 Live |
| Upload Date | This Video Uploaded At 15-07-2024 14:55:57 |
| Video Discription | Preparations are in full swing for the Union Budget on 23 July, just over a week from now. This is the first budget since the Modi-led government was re-elected for a record third term earlier this year. Expectations of the salaried class are high from the Union Budget 2024. Here is what could change: . **Tax Relief for Individuals**: - The government might streamline tax slabs and reduce rates to provide relief to individual taxpayers. Currently, tax rates under the new regime range from 5-30%, depending on income levels. - There are reports that the government may raise the income threshold for tax liability from Rs 3 lakh to Rs 5 lakh. This means any income below Rs 5 lakh per annum will be tax-free. - These changes aim to increase disposable income, especially for lower-income groups. **Revisions to the New Tax Regime**: - Introduced in the 2020 Union Budget, the new tax regime offers lower slabs but without traditional deductions. However, its adoption has been limited. - Reports suggest that the upcoming budget may introduce additional deductions under the new regime to broaden its appeal. The government might also increase the standard deduction threshold for taxpayers, potentially raising it to Rs 1 lakh per annum from the current Rs 50,000. - Remember, Section 80C benefits are not applicable under the new tax regime. There are indications that this benefit may be extended to encourage more taxpayers to opt for it. . **Enhance Section 80C**: - A crucial proposal includes a potential increase in the 80C deduction ceiling from Rs 150,000 to Rs 200,000 in the old tax regime. - Section 80C of the Income-tax Act, 1961, covers deductions for various savings and investments, such as LIC, PPF, and RPF contributions, with the current annual limit set at Rs 150,000. - Given that the 80C limit has not changed in a decade despite rising living costs, an increase would help the salaried class save for the future. The government is said to be exploring ways to pump up consumption among the middle class and an expectation of lowered personal income tax rates may not be far-fetched. .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► News9 Plus Website : https://www.news9plus.com/all ► News9 Plus App : https://onelink.to/8pwfkc ► News9 OTT Coupons : https://bit.ly/4dwLDx4 ► Watch us on YouTube : https://www.youtube.com/c/NEWS9LIVE ► Like us on Facebook : https://www.facebook.com/news9live ► Follow us on Instagram : https://www.instagram.com/news9live ► Follow us on Twitter : https://twitter.com/NEWS9TWEETS |
| Category | News & Politics |
| Tags | Breaking News | Latest news | News today | Live news update | latest news today | breaking news today | politics | nirmala sitharaman | nirmala sitharaman speech | fm nirmala sitharaman | nirmala sitharaman news | finance minister nirmala sitharaman | tax slab | income tax slab | income tax | income tax slabs | income tax slab rates |
