Taxpayers Expectations for Budget 2024: Taxpayers are expecting the old tax regime to continue. Employed people want to make their salary up to Rs 8 lakh tax free by changing the tax regime.
New Delhi: Taxpayers Expectations for Budget 2024: The government is going to present the budget on 1 February. Finance Minister Nirmala Sitharaman has already made it clear that this time the budget will not be a vote but an account. Still people have some expectations from the government. Especially, taxpayers expect tax relief from the government. All taxpayers are keeping an eye on the budget session starting on January 31. Let us know what are the three big expectations that taxpayers have from the budget.
Old tax regime to continue:
Taxpayers are also expecting the old tax regime to continue. The Finance Ministry may not have abolished the old tax regime, but they fear that the government has now brought a new tax regime. In such a situation, the old tax regime may end.
Salary up to Rs 8 lakh should be tax free.
Many government employed people are expecting big changes in tax. They want to get exemption from tax. If the government changes the tax regime and makes salaries up to Rs 8 lakh tax free, they can get a big relief.
Deduction limit of 80D should be increased.
Taxpayers are demanding that the deduction limit in medical insurance premium under section 80D should be increased to Rs 50 thousand. At present this limit is Rs 25 thousand. For senior citizens, this limit will be increased from Rs 50 to Rs 75 thousand.
