Tax Exemption Budget 2024: Experts say that the government can make changes in the tax regime. Currently there is a rebate of Rs 7 lakh in the new tax regime, it can be increased to Rs 7.5 lakh.
New Delhi: Tax Exemption Budget 2024: The budget is to be presented in the country on 1 February. This will be the last budget of this tenure of Modi government. Since it is an election year, taxpayers are hopeful that there may be some special announcements for them in the budget. Experts say that the government can change the tax regime in this budget.
Tax exemption can increase by this much
It is believed that the government may bring a new finance bill in this budget. It has been claimed in media reports that this bill can be introduced in the second phase of the budget. Currently there is a rebate of Rs 7 lakh in the new tax regime, it can be increased to Rs 7.5 lakh. That means more tax exemption of Rs 50 thousand can be given.
Chances of change in tax regime also
Earlier, the government had increased the exemption limit in the tax regime from Rs 5 lakh to Rs 7 lakh. Now it is expected that in the coming financial year the government can make the annual salary up to Rs 8 lakh tax free. This may also include basic exemption, rebate and standard deduction. IT
Record increase in income tax returns
Experts say that big changes in this regard can be seen in the new tax regime. There has also been a significant increase in income tax returns this time. In the financial year 2023-24, 8.18 crore Income Tax Returns (ITRs) have been filed till December 31, this is a record increase in the number of ITRs. In such a situation, the government can consider making positive changes in the new tax regime.
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