Lucknow Press
Once again the date of the budget has come. The first budget of the third term of the Modi government will be presented on Tuesday, July 23. Finance Minister Nirmala Sitharaman will present the country’s budget in the House tomorrow. As soon as the name of the budget is remembered, the first thing that comes to mind is income tax.
The middle class, which felt cheated in the interim budget of February, now has increased its expectations from the budget to be presented in July. If the Finance Minister listens to your Mann Ki Baat, then this week’s Tuesday will be auspicious for you.
I got a rattle in February, will I get a gift this time?
The government did not make any major announcements in the interim budget of February 2024. There was no relief in income tax due to the election year. The government had given a toy to the middle class, now that middle class has high expectations from Finance Minister Nirmala Sitharaman. The expectations are also high because the government is the same and the Finance Minister is also repeated. After the interim budget of February 2024, the Finance Minister said that since it is an election year, the budget was interim, meaning the real budget will come now. When Finance Minister Nirmala Sitharaman presents the country’s budget on July 23, it is expected that this time the expectations of the taxpayers will be fulfilled. In his 58-minute budget speech in February, the Finance Minister spoke tax 42 times, but did not give any relief in any kind of tax, direct or indirect.
The finance minister will listen to everyone in the budget
After not getting tax relief in the interim budget, the disappointment of the middle class was turned into hope by the Finance Minister by saying that everyone will be heard in the budget in July. He said this during an interview with a channel. Now there is a strong hope that this time there can be a big relief in taxes in the budget. It is expected that taxpayers can get big relief from Budget 2024. Changes can be made in the tax slab, efforts can be made to make the new tax regime attractive.
Changes in tax slabs expected
Employees are hopeful that the government can make big announcements by changing the tax slabs in this budget. Salaried people are hopeful that there is a proposal to increase the deduction limit under Section 80C of Income Tax. It is expected that the government can provide relief by changing the standard deduction. It can consider increasing the amount of standard deduction from 50 thousand to 1 lakh annually.
Changes in the new tax regime
People are hoping that the government can make necessary changes in the new tax system to make it attractive. Like the old tax system, relief in deductions is expected in it. The standard deduction limit is expected to increase in the new tax regime, while the basic exemption limit is expected to increase in the new tax slab. Taxpayers are hoping that changes are expected to be made in the income tax slab in the new tax regime.
Tax exemption limit expected to increase
People are hopeful that the government can make many big changes regarding the old tax system. In this tax system, the income tax exemption limit is expected to be increased to Rs 5 lakh. There is also hope of simplifying the tax slab and making changes in the tax slab.
Changes in HRA
Employees are hopeful that this time in the budget, the Finance Minister can make necessary changes regarding House Rent Allowance (HRA). Amendments in HRA rules are expected in Budget 2024, so that some more cities can be included for HRA exemption on the basis of 50 percent of salary.
Announcements can be made regarding NPA
When asked about the expectations regarding social security schemes in the budget, renowned economist Professor N R Bhanumurthy said that the government can make some announcements on NPS in the budget. There has been a lot of discussion on pension schemes at the state level. The central government had also formed a committee regarding NPS (New Pension System). It is believed that the government can make an announcement regarding this in the budget.
Petrol and diesel under the purview of GST
It is expected that this time in the budget, the government may announce bringing petroleum products under the ambit of GST i.e. Goods and Service Tax. Energy industry giants hope that the Modi government may announce bringing petroleum products including petrol and diesel under the ambit of GST in this budget. If this happens, the price of petrol and diesel may be reduced. Only GST will be levied on petroleum products instead of VAT and excise duty.
