Income tax is a key source of revenue for the government and is used to fund public services, infrastructure, and various welfare programs. In India, income tax is typically calculated as a percentage of an individual's or entity's taxable income, and the rates may vary based on the income level and the nature of the income. Budget 2024-25: Key Income Tax Rules That Taxpayers Should Know Ahead of Interim Budget.
Individual taxpayers have certain wishes for the upcoming Union Budget 2024, including raising the deduction limit under Section 80 CCommon man s wishlist for Finance Minister in Union Budget 2024
Taxpayers are expecting income-tax incentives and benefits in the Interim Budget. Direct-tax collections have been rising, providing headroom for tax measures and benefits. Increasing the standard deduction and streamlining income tax rules could please the salaried middle class.