Expectation of relief for the salaried class
Budget preparations have been completed and the full budget for 2024-25 may be presented by the end of this month. This time in the budget, Finance Minister Nirmala Sitharaman is expected to give a big gift to the salaried class. Increase the scope of tax exemption for them.
There has been a deep debate in the Finance Ministry on how to ease the tax burden on the common man. For this, the government may now announce an increase in the standard deduction limit in the budget.
The new tax regime will be attractive
The government wants to promote consumption in the country. For this reason, a new tax regime was introduced a few years ago. While the old tax regime was created with the aim of promoting savings, the new tax regime increased the tax exemption limit by eliminating all exemptions.
read this too
Last year, in the budget, the government had provided for the possibility of standard deduction in the new tax regime and made changes in the tax slabs. Due to this, the effective tax-free income in the new tax regime has been increased to Rs 7.5 lakh. This time, it is expected that the government may further increase the scope of standard deduction in the new tax regime.
There are no changes to the old tax regime.
The government is focusing on getting more and more people to adopt the new tax regime. Therefore, there is talk of making the new tax regime attractive. While no changes are expected in the old tax regime.
According to a report by TOI, on one hand the government is talking about making the new tax regime attractive. At the same time, the mechanism of the capital gains tax system is also being reviewed. If there is a change in the capital gains tax system, then definitely the taxpayers of the old tax regime will also be able to benefit.
