Income Tax Expectations Budget 2024: What can the salaried, individual taxpayers expect? Top points

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Income Tax Expectations Budget 2024: What can the salaried, individual taxpayers expect? Top points - Times of India

Quick Summary:

Budget 2024 income tax expectations: Keeping in view the government’s intent to simplify/ rationalise tax laws and enhance compliance, one may expect a few changes in the upcoming Union Budget 2024 to make the new income tax regime more attractive.

At present, for individuals with gross income above Rs 15,50,000, if their total deductions and exemptions exceed Rs 3,75,000* (excluding standard deduction), the old regime is more beneficial as compared to the new one.

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