Income Tax Expectations: What can Budget 2024 do for salaried, middle class taxpayers and common man?

Quick Summary:

What are the top expectations from an income tax perspective and what do the experts recommend?

Section 80TTA for bank interest: Tax experts believe that the current exemption limit of Rs 10,000 for interest on bank deposits is insufficient and should be increased.

Standard Deduction: Personal tax experts unanimously agree that the standard deduction limit of Rs 50,000, introduced in the new tax regime last year, should be increased to Rs 1 lakh.

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Author / Journalist: TOI Business Desk

Category: EconomyBusiness

Markets: India

Topics: Budget 2024 Income Tax Expectations Business news Income tax slabs Budget 2024 income tax Union budget 2024 New tax regime Salaried Taxpayers Standard Deduction

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 00:05:39 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 1019 words

Reading Time: 6 minutes read

Sentences: 45 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Times of India

News ID: 21732310

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