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PremiumIncome Tax Budget 2024 Highlights: Finance Minister Nirmala Sitharaman presented Budget 2024 on July 23. The FM announced a marginal income tax relief for the middle class. Sitharaman raised the standard deduction -- a flat deduction from the total salary earned by an employee in a year before calculating the applicable income tax rate -- by 50 per cent to ₹75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime.
Commenting on the budget, Prime Minister Narendra Modi said it "will act as a catalyst in making India the third-largest economy in the world (from fifth largest today) and will lay a solid foundation for a developed India".
How to access Budget 2024 documents:
You can view the Budget 2024 through the Union Budget Mobile App, available on Android and iOS platforms. The Budget speech documents is accessible on the web portal at www.indiabudget.gov.in.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, and Corporate Reactions.
Income Tax Budget 2024 LIVE: If Finance Minister Nirmala Sitharaman raised the Section 80C limit, investors in Equity Linked Savings Scheme (ELSS) mutual funds would benefit, as it would offer them enhanced opportunities for tax savings and investment growth. Section 80C deduction limit was last revised in 2014 when Arun Jaitley was the Finance Minister.
"Besides some revisions in the income tax slabs or an increase in the standard deduction under the new tax regime to increase disposable incomes are expected. Further, measures to balance the fiscal deficit while ensuring sufficient funding for development projects are expected," said Sugandha Sachdeva, Founder of SS WealthStreet.
Income Tax Budget 2024 LIVE: The' halwa ceremony' is another key event before the budget presentation. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980.
Income Tax Budget 2024 LIVE: Salaried taxpayers may seek changes in the National Pension System (NPS) such as increased tax benefits, higher contribution limits, improved flexibility in withdrawal options, or enhanced pension benefits."The government may consider increasing this limit to 12%, aligning it with the exemption of the employer's PF contribution up to 12%. Additionally, there could be a chance to introduce an extra deduction of ₹50,000 under the new tax regime. Currently, NPS allows partial withdrawals under certain conditions. Still, taxpayers often seek more flexibility in withdrawal options, especially in emergencies or during specific life events" said Abhishek Soni, CEO and Co-founder of Tax2win.
Income Tax Budget 2024 LIVE: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to ₹10.68 lakh crore, an increase of 11.6 per cent. The tax revenue figures will have to be watched out for in the final Budget for the 2024-25 fiscal year.
The Interim Budget pegged gross tax revenue at ₹38.31 lakh crore for 2024-25, an 11.46 percent growth over the last fiscal year. This includes ₹21.99 lakh crore estimated to come from direct taxes (personal income tax, corporate tax) and ₹16.22 lakh crore from indirect taxes (customs excise duty, GST).
Income Tax Budget 2024 LIVE: The budgeted fiscal deficit, which is the difference between government expenditures and income, for the current fiscal year is 5.1 percent, as projected in the Interim Budget in February, against 5.8 percent in the last fiscal year. Due to tax buoyancy, the full Budget is expected to provide better-than-earlier projections.
The government has projected a fiscal deficit of 4.5 per cent of the GDP in FY26.
Income Tax Budget 2024 Live: FM Nirmala Sitharaman will present an entirely paperless budget, as has been the practice for the past three years.
Income Tax Budget 2024 LIVE: Economist Abhirup Sarkar said on Monday that the latest economic survey offered a mixed outlook amid significant global uncertainties.
In terms of inflation control, Sarkar praised the government's efforts.
Sarkar highlighted the survey's optimistic portrayal of India's economic performance: "The growth over the past year has been impressive, surpassing 8 per cent. For three consecutive years, we've achieved a growth rate above 7 per cent, despite the challenging global environment marked by ongoing conflicts," PTI reported.
Income Tax Budget 2024 Live: Finance minister Nirmala Sitharaman is set to present her budget speech on Tuesday at 11 am in the Lok Sabha. All eyes are on whether she will provide the much-anticipated tax relief for the middle class.
Income Tax Budget 2024 LIVE: Sitharaman, during the last Budget, made six major announcements on personal income tax to benefit the middle class. From new tax regime to changes in rebates, let's take a quick look at six top income tax announcements made by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023
1)Tax rebate limit raised
2) Changes in income tax slabs for new tax regime
3) Standard deduction benefit under the new income tax regime
4) Highest surcharge rate
The highest personal income tax surcharge ratehas been reduced from 37% to 25% in the new tax regime for income above ₹2 crore.
5) Tax exemption on leave encashment
The tax exemption limit on leave encashment on retirement of non-government salaried employees has been increased from ₹3 lakh to ₹25 lakh.
6) New income tax regime to be default regime
Income Tax Budget 2024 LIVE: Experts advocate income tax reduction to tackle economic challenges ahead of Finance Minister Nirmala Sitharaman's Union Budget 2024-25 presentation on July 23
