Budget 2024: According to sources, this time the middle class may get relief in the budget. Tax concessions may be announced for those with income up to Rs 12 lakh.
Budget 2024: Finance Minister Nirmala Sitharaman will present the General Budget 2024 on 23 July. Every person has some expectations from the budget. Especially the middle class has been expecting tax concessions for a long time. According to sources, this time the middle class may get relief in the budget. Tax concessions may be announced for those with income up to Rs 12 lakh.
Changes in tax slab possible
According to sources, tax rates can be reduced for salaried people earning Rs 9-12 lakh. Currently, tax is levied at the rate of 15% in this slab. The government is planning to reduce that slab. It is expected that a reduction in the tax slab may be announced in the budget.
If this announcement is made, then the middle class will get a big boost. Because the government already does not levy any tax on income up to Rs 7.5 lakh. While there was a demand for the middle class that it should be given relief because there has been no relief on the income tax front in the last several years. However, sources also say that all the changes related to concessions will be in the new tax regime only.
Standard deduction may increase
Sources say that either the tax slab can be changed in the budget or the standard deduction can be increased. Currently, taxpayers get the benefit of standard deduction up to Rs 50,000. However, all preparations for the budget have been done. Halwa ceremony has also been done. Printing of the budget has started. Let us tell you, the government is trying to promote the new tax regime.
