Budget 2024: This time in the budget, those who file returns will have a great time, and these 5 changes will win the lottery..
Income Tax 2024: Important news is coming out for the people waiting for the budget. This time the budget session will start on July 22 and will run till August 12. This will be the first budget (budget 2024) of the third term of Prime Minister Narendra Modi. People have a lot of expectations from this budget. The most eye on this budget is of the employed people. They hope that this time there will be relief in income tax in the budget. So far, much such news has come out in which it has been said to give relief in tax. If these are announced in the budget, then it will be a matter of great relief for the employed people (taxpayers' relief).
These are the expectations from this time's budget.
More exemptions can be available in home loans.
Income tax exemption can be availed on EMI paid on home loans (exemption on home loans). EMI includes the principal and interest amount. Under Section 80C of Income Tax, the principal amount is exempted up to Rs 1.50 lakh annually, and under Section 24(b) the interest amount is exempted. It is believed that the exemption available under 80C on the principal amount can be increased to Rs 2 lakh.
There will be a huge exemption in the standard deduction
Whether a person files an income tax return (ITR) under the old system or the new system, every person gets a standard deduction of Rs 50,000. This is the first exemption that is deducted from the income while filing an ITR. By deducting it, many times the taxable income becomes zero. Since the income of many people has increased, even after this exemption of Rs 50,000, the tax liability is created. In such a situation, a part of the income goes in the form of tax. It is believed that the standard deduction limit can be increased from Rs 50,000 to Rs 1 lakh this time.
Increase in the limit of 80C
Those who file returns through the old system can also get an exemption in this budget. It is believed that the government can increase the exemption limit under Section 80C of Income Tax in this budget. Till now, an exemption of up to Rs 1.50 lakh is available under this. It can be increased to Rs 3 lakh. If this happens, then many people will benefit from it.
Changes will be made to the tax slab.
Changes can be made in the existing tax slab in the new tax system. There are 6 tax slabs in the new system. According to experts, the tax rate fixed in this system is not right for everyone. A person earning Rs 9 lakh annually has to pay Rs 15 thousand and 10 percent tax. On the other hand, a person earning even one rupee more than Rs 9 lakh has to pay Rs 45 thousand and 15 percent tax. In such a situation, it is believed that taxpayers can be given relief by reducing the tax slab and not making much difference in the tax rate.
Changes will be made to the basic exemption limit.
The base exemption limit can also be increased in the new tax system. Till now the rule is that those earning up to Rs 3 lakh annually are exempted from income tax. Whereas in the old system, this exemption limit is Rs 2.50 lakh. It is believed that the basic exemption limit available in the new system can be increased from Rs 3 lakh to Rs 5 lakh. According to some reports, this exemption can also be available in the old tax system.
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