Budget Expectations of 2024: Changes in Tax is Expected From Finance Minister
This year's budget is coming on the 23rd of July 2024 and will be presented by Honourable Finance Minister Nirmala Sitharaman. The expectation is something which every individual has from the Government of India before the budget is presented every year and this year also salaried taxpayers are expecting tax relief from the budget 2024 especially those who are earning less than 10 lakh per year.
Since the last two years, there have been no major changes in the taxation policies, only a new tax regime has been made in which a standard deduction feature has been introduced. So people are expecting changes in taxation policies from the finance minister in budget 2024 which is coming on 23rd July 2024.
In India tax structure is divided into two parts which are direct tax and indirect tax. A direct tax applies to the income earned by individual or corporate entities and an indirect tax applies to the tax which is given on the purchase of goods or services. The people of India want relief on the direct tax to save their hard-earned income from tax deductions.
According to the new tax regime which was introduced last year an individual who is earning up to Rs. 2.5 lakh don’t have to pay any taxes. In the new tax regime an individual who earns less than equal to Rs. 7 lakh is eligible for an income tax rebate under section 87A.
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