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Budget 2024: Will It Bring Good News?

Budget 2024: Will It Bring Good News?

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The budget is to be presented in the month of March. Continuous preparatory meetings have been underway since a while ago by Finance Minister Nirmala Sithraman. However, while people agree to the decisions taken by the government with utmost eagerness before every budget, this time, there are speculations that much-required relief will reach the katcha thali of the common man through this budget. Incidentally, the Ministry of Finance is looking at very strong options in the matter of exemption from income tax for basics, to ensure that the middle class gets relief in this budget. Recently, Prime Minister Modi has said that development has primarily been because of the middle class, and so their welfare and convenience are paramount.

Huge Preparation 

In this context, employees have been wishing for exemptions in income tax from the Modi government in this budget. According to sources in the Ministry of Finance, the government might bring such changes in the new tax regime. Information has been received that the government may reduce the income tax rates for those earning between ₹ 15 to 17 lakhs annually. For the government, this is a way to move more people under the new tax regime. In the tenure before the last one, the Modi government came out with the new tax regime and since then had been tinkering with it, making various incongruent changes to make it popular. For instance, if now the lower tax regulations for those who earn between ₹15 to 17 lakh per annum, then a large number of people are likely to get significant relief.

The government, in the new tax regime, exempts income tax on an annual income of up to ₹7 lakhs. In the old regime, it was said that one need not pay tax on annual incomes up to ₹5 lakhs. In regard to both, ₹50,000 as standard deduction seems possible. Hence, under the new regime, one will not need to pay tax on an annual income of up to ₹7.5 lakhs.

New Tax Regime Income Tax Slabs:

As a result, no tax is imposed on the same in the new tax regime. The slab of income ranging between ₹3 to 6 lakhs will now be taxed at the rate of 5%. Between ₹6 to 9 lakhs, the rate of tax is fixed at 10%. Between ₹9 to 12 lakhs, the rate of taxation is 15%. Between ₹12 to 15 lakhs, the rate is fixed at 20%. Beyond ₹15 lakh, the rate of tax is 30%. In addition, 4% of the health and education cess is levied.

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