Tax deductions for health insurance premium payments and medical expenses under Sections 80D, 80DD and 80DDB need to be hiked to adjust for inflation, in Interim Budget 2024
This is expected to benefit up to a crore taxpayers who are still disputing such older tax demands. This comes at a time when taxpayers have been receiving notices from the Income Tax department for old tax demands, some dating back longer than 15 years.
Budget News: Experts suggest making the belated return filing process more taxpayer-friendly in the Budget 2024 income tax reforms. Simplifying the process and allowing filing for previous years without unnecessary hurdles would be a positive step.