Union Finance Minister Nirmala Sitharaman will present the interim Union Budget 2024-25 on February 1, 2024, with major announcements likely to be postponed due to the upcoming Lok Sabha Election
Budget News: Budget 2024 income tax: The common man and middle class have high expectations for income tax relief in Budget 2024. Experts are divided on whether relief can be expected. Various suggestions include changes in tax slabs, tax rates, and standard deductions. The new income tax regime and its impact on savings is also a point of discussion.
While the government did bring in many modifications in Budget 2023, it is expected that the budget could likely raise the basic exemption limit by at least Rs 50,000 under both the regimes.