Budget 2024: If Finance Minister Okays THIS, It Will Be Big Win For Salaried Class

New Delhi: In a few hours, Finance Minister Nirmala Sitharaman is set to present the interim budget for the fiscal year 2023-24. This budget is anticipated to bring hope, especially for the salaried and farming classes, with heightened expectations due to the upcoming elections. Read on further to find out the expectations for the Salaried Class.

Modification In New Tax Regime

The previous budget for 2023-24 expanded tax rebates under the New Tax Regime, raising the exemption limit from Rs 5 lakh to Rs 7 lakh. However, there's a call from the salaried class to consider additional relief beyond the existing provisions, possibly by increasing the income limit to Rs 10 lakh. (Also Read: Budget 2024: Modi Government Breaking/Tweaking Trends; Will This Budget Spring A Surprise? Read)

Expansion Of Old Tax Regime Scope

Under the old tax regime introduced in 2019, changes were made to tax slabs, benefiting individuals with an income of up to 5 lakh rupees. Now, there's a demand to further broaden the scope and provide relief to those who fall under the old tax regime. (Also Read: LIVE | List Of Cheaper Items, Budget 2024: LPG Cylinder Prices Hiked Ahead Of Interim Budget Presentation)

Revision Of Tax Slabs

Many in the middle-income bracket are advocating for a revision of income tax slabs. There's a plea to reconsider tax rates, especially with an aim to reduce the burden on the middle-income class.

Other Anticipations

- Inclusion Of Tier-2 Cities In HRA Exemption

There's a demand to expand the list of Metro Cities under the HRA rebate to include more Tier-2 cities. This could benefit residents in cities like Bengaluru, Hyderabad, Pune, Gurgaon, and Ahmedabad.

- Increase In Deductions

Taxpayers are hoping for an increase in deductions under Section 80D for health insurance premiums. Additionally, there's a plea to raise the limit for deductions under Section 80C from the current 1.5 lakhs to 2 lakhs.

- Enhanced Deductions For Home Loan Interest

Homeowners are seeking an increase in the limit for deductions on interest paid on home loans. The present cap is 2 lakhs; however, there is a request to raise it to 3 lakhs, considering the rising costs of properties and home loans.