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Income Tax Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman will present the interim budget for fiscal year 2024-25 on February 1, 2024. By definition, it will be a Vote on Account ahead of the Lok Sabha Elections scheduled later in April-May this year. Traditionally, the central government does not announce any significant reforms in the Votes on Account. "In Votes on Account, the tax structures and rates are generally not revised and significant changes to taxation are usually proposed in the subsequent full budget presented by the newly elected government," says Dr. Suresh Surana, Founder, RSM India. However, hopes are high from Sitharaman s last budget as middle-class taxpayers are eagerly waiting for some much-needed relief. More deductions in the new income tax regime, a hike in the standard deduction limit, and simplification of the capital gain tax regime are some of the demands of Indian income taxpayers from Budget 2024. 1) Tax deduction for contributin

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