Budget 2024: Top 10 Income Tax Benefits FM Sitharaman Should Consider indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Budget News: Budget 2024: Discover the top 10 income tax reforms that taxpayers are hoping for in Budget 2024. From concessional tax regime changes to deductions for housing, explore the wishlist for personal tax reforms.
It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000?
Last Budget, the Centre brought in multiple new regulations for Income Tax. One notable announcement in relation to personal taxation was the establishment of the New Income Tax Regime as the default tax system.