Will Budget 2024-25 Meet Middle-Class Expectations With Potential Tax Breaks & Incentives?
#modinomics #budgetwithbt #budget2024 #unionbudget2024 #taxation
As Finance Minister Nirmala Sitharaman began her interim budget speech, middle-class expectations soared, hoping for tax relief from the Modi government ahead of the general elections. The traditional halwa ceremony in the North Block signaled the high anticipation, with tax-payers eager for benefits hinted at by the finance minister. Key items on the wish list for the new tax regime include raising the basic income tax exemption limit to ₹5 lakh, increasing the threshold for the highest 30% tax slab to ₹25-30 lakh, and boosting the standard deduction from the current ₹50,000. Analysts also seek adjustments in the old tax regime, such as a higher standard deduction, increased basic exemption limits, and more exemptions under Section 80C. The healthcare sector could benefit if Section 80D exemptions are raised, and there's a call to increase HRA exemptions in Tier-2 cities to 50%. Speculation also surrounds potential changes in capital gains taxes to discourage F&O trading by retail investors. The government's ample funds from a significant RBI dividend and record GST and direct tax collections strengthen these demands. Recent discussions between the Prime Minister and top economists emphasize tax relief for the common man, aiming to boost private consumption and solidify the NDA's position for upcoming elections in Maharashtra, Haryana, and Jharkhand.
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