Income Tax 2024: Income Tax Return (ITR) filers may get relief in the budget this time. It is believed that the government may give some relaxation in the budget. At the same time, the limit of 80C can also be increased. If any such relief is given, then it will benefit crores of people filing ITR.
Income Tax 2024: This time the budget session will start from 22 July which will run till 12 August. The general budget will be presented on 23 July. This will be the first budget of the third term of Prime Minister Narendra Modi. People have a lot of expectations from this budget. The salaried people are most eyeing this budget. They hope that this time there will be relief in income tax in the budget. Till now, many such news have come out in which it has been said to give relief in tax. If these are announced in the budget, then it will be a matter of great relief for the salaried people.
These are the expectations from the budget this time
1. Exemption from standard deduction
Whether a person files Income Tax Return (ITR) under the old system or the new system, every person gets a standard deduction of Rs 50,000. This is the first exemption that is deducted from the income while filing ITR. By deducting this, many times the taxable income becomes zero. Since the income of many people has increased, even after this exemption of Rs 50,000, the tax liability is created. In such a situation, a part of the income goes in the form of tax. It is believed that the limit of standard deduction can be increased from Rs 50,000 to Rs 1 lakh this time.
2. More discount in home loan
Income tax exemption can be claimed on EMI paid on home loan. EMI includes principal and interest amount. The principal amount is exempted up to Rs 1.50 lakh annually under Income Tax section 80C and the interest amount is exempted under section 24(b). It is believed that the exemption on principal amount under 80C can be increased to Rs 2 lakh.
3. Changes in tax slabs
In the new tax system, changes can be made in the existing tax slabs. There are 6 tax slabs in the new system. According to experts, the tax rate fixed in this system is not right for everyone. A person earning 9 lakh rupees annually has to pay 15 thousand and 10 percent tax. Whereas a person earning even one rupee more than 9 lakh has to pay 45 thousand and 15 percent tax. In such a situation, it is believed that taxpayers can be given relief by reducing the tax slab and not making much difference in the tax rate.
🗓️ Check out the latest Income Tax Slabs for FY 2023-24 (AY 2024-25) for individuals!
📊 Whether you’re below 60 or above 80, here’s what you need to know.
Swipe for details! #IncomeTax #TaxSlabs #TaxUpdate pic.twitter.com/ZSPsl65GfP
— efiletax (@efile_tax) July 7, 2024
4. Change in basic exemption limit
In the new tax system, the basic exemption limit can also be increased. Till now, the rule is that those earning up to Rs 3 lakh annually are exempted from income tax. Whereas in the old system, this exemption limit is Rs 2.50 lakh. It is believed that the basic exemption limit in the new system can be increased from Rs 3 lakh to Rs 5 lakh. According to some reports, this exemption can also be available in the old tax system.
5. Increase in limit of 80C
Those who file returns under the old system may also get relief in this budget. It is believed that the government may increase the exemption limit under Section 80C of Income Tax in this budget. Till now, exemption of up to Rs 1.50 lakh is available under this. It can be increased to Rs 3 lakh. If this happens, then many people will benefit from it.
iPhone 14! Bumper discount is available on these Smartphones including Samsung Galaxy S23
