Budget 2024: ‘Middle Class’ memes flood social media; all eyes on FM Nirmala Sitharaman’s Income Tax offers

Budget 2024: Finance Minister Nirmala Sitharaman is set to present Budget 2024 on July 23. This will mark her seventh consecutive Budget presentation.

Meanwhile, memesters leave no stone unturned to present hilarious memes and jokes on this occasion. Many of these memes are about the “apprehensions” of the middle class about the Income Tax scenario.

Previously, an interim Budget had been presented due to the 2024 Lok Sabha Polls, which included no major announcements. The salaried class in India hopes for tax relief measures from the PM Modi-led government.

The expectations include raising the standard deduction limit or adjusting income tax slabs to ease financial burdens.

"Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes, including import duties," FM Nirmala Sitharaman said in her Budget speech in February.

Ashish Aggarwal, Director at Acube Ventures, reacted to the interim Budget in February and said that salaried professionals had struggled with job market uncertainties and rising living costs without corresponding pay increases.

He mentioned that changes such as a higher standard deduction, increased housing loan interest exemptions, or adjustments to 80C instruments could have helped. Aggarwal added that the disappointment of the salaried class in personal taxation was understandable.

New regime tax slabs (as of July 22)

• No tax would be levied for income up to ₹3 lakh
• Income between ₹3-6 lakh would be taxed at 5%
• Tax rebate under Section 87A is available
• Income between ₹6-9 lakh would be taxed at 10%
• Tax rebate under Section 87A on income up to ₹7 lakh is available
• Income between ₹9-12 lakh at 15%
• Income between ₹12-15 lakh at 20%
• Income of ₹15 lakh and above will be taxed at 30%