Budget 2024: Double standard deduction keeping inflation in mind, says KPMG

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Budget 2024: Double standard deduction keeping inflation in mind, says KPMG - Business Standard

Quick Summary:

Doubling standard deduction to Rs 1 lakh, increasing tax break on interest paid on housing loan and rationalisation of capital gains tax regime are some of the expectations that consultancy firm KPMG has from the Budget 2024-25 to be unveiled on July 23 in Parliament.

Keeping in mind the increase in personal expenditure it is popularly expected to enhance the standard deduction to Rs 1 lakh from the existing limit of Rs 50,000, KPMG said in a note.

With the objective to have more net disposable income which can either be spent on consumer goods or channelised as savings, it is a popular expectation that the basic tax exemption limit under the default new tax regime be increased to Rs 5 lakh from Rs 3 lakh, it said.