SOURCE : NEW18 NEWS
Income Tax Slab 2024-2025 News LIVE: Many people also are hoping for an increase in the rebate limit under the new tax regime from the current Rs 7 lakh to Rs 7.5 lakh or even Rs 8 lakh
Budget, Income Tax Slab 2024-2025 LIVE: The interim budget for 2024 is set to be presented today by Finance Minister Nirmala Sitharaman. This interim budget, also known as a vote-on-account, is a temporary financial plan presented by the government when it doesn’t have the time or mandate to present a full budget. This also indicates that major changes to the income tax policy are unlikely, however there are still some key expectations and wishlists from taxpayers.
Among other wishes, such as that of ‘increasing basic exemption limit from Rs 2.50 lakhs to Rs 3.5 lakhs’, is the constant plea of streamlining income tax rules and reducing complexities, especially in the new tax regime.
Several people also are hoping for an increase in the rebate limit under the new tax regime from the current Rs 7 lakh to Rs 7.5 lakh or even Rs 8 lakh. Now this would make taxable income up to that limit tax-free for individuals opting for the new regime.
WHAT IS INCOME TAX?
The term “income tax” refers to a type of direct tax imposed by governments on income generated by businesses and individuals within their jurisdiction. As per law, individuals earning more than a certain amount of money are obliged to file their income tax return annually. These taxes are a source of revenue for governments, and this money is used to fund public services and fulfil government.
Salaried employees are one of the major tax contributors in India. When it comes to Budget, the one thing that these individuals look forward to the most is the income tax rebate. The income tax slabs have not been changed since 2014 when the basic personal tax exemption limit was last revised.
In budget 2020, FM Sitharaman introduced a new tax regime, however, it remains optional for taxpayers.
Some Key Expectations & Predictions
Based on expert opinions and reports:
- Tax Burden Reduction
- Tax Structure Revamp
- Raising Minimum Pension Amount Under APY
- Tax Free Status to Annuity Income from NPS
- Separate Tax Deduction For Life Insurance Premiums
INCOME TAX SLAB 2023-24 FOR WOMEN
In the fiscal year 2023-24, the Indian government raised the personal tax exemption limit for women to Rs 1,45,000. Additionally, the introduction of the Mahila Samman Saving Certificate offers a unique savings opportunity with a fixed 7.5% interest rate for deposits up to Rs.2 lakh over a 2-year tenure, including a partial withdrawal option.
