Salary TDS, income tax regime: For the financial year 2024-25, two budgets are presented due to Lok Sabha elections 2024 happening in the months of April to June 2024. Post the election results are announced and government is formed, full budget will be announced after that. Hence, it is important for salaried individuals to keep options open when choosing between old and new tax regime for the purpose of TDS on salary this financial year.
TDS on salary, income tax refund: A salaried is required to choose tax regime twice - one for tax deducted on salary by employer and secondly while filing ITR.
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India s interim budget is eagerly awaited by the middle class, who have high expectations for relief in income tax through adjusted tax slabs and expanded exemptions. The budget is also anticipated to address employment concerns and generate more job opportunities. Affordable housing, education, and healthcare take center stage, with hopes for interest rate reductions, increased subsidies, and improved infrastructure. The budget is expected to offer price relief by regulating food prices and stabilizing inflation. Additionally, investments in digital infrastructure and comprehensive measures for post-retirement schemes are anticipated. The budget announcement on February 1 will be closely watched by India s middle class population during the Lok Sabha elections.