Budget 2024 income tax expectations: Top 5 things FM Sitharaman should do for taxpayers - from tax slab changes to hiking standard deduction

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Budget 2024 income tax expectations: Top 5 things FM Sitharaman should do for taxpayers - from tax slab changes to hiking standard deduction - Times of India

Quick Summary:

Budget 2024 income tax expectations: It is anticipated that the government may raise the income tax exemption limit to Rs 5 lakh from the current Rs 3 lakh limit under the new tax regime in the upcoming Budget.

Hence, this increase in the basic exemption limit would provide even further encouragement for taxpayers to opt for the new tax regime.

The Budget is of significant interest to individual taxpayers as they have a long wish list of the desired announcements on the personal tax front from the newly formed government.