Budget 2024 Expectations Live: With the new government’s full Union Budget 2024 set to be announced on July 23, expectation are soaring. The focus remains on potential tax reforms that could impact individuals and businesses. Key anticipated changes include an increase in the basic exemption limit. There is also speculation about raising the standard deduction limit. We take a look at what India’s middle class and corporate class expect from Finance Minister Nirmala Sitharaman.
Budget 2024 Expectations Live: Sandeep Agrawal, Director and Co-Founder of Teamlease Regtech
Agrawal does not expect significant “overhauls” in the income tax regime in the upcoming Union Budget 2024, but does anticipate announcements aimed at consolidating the tax system for stability, and progressing towards the implementation of the Direct Tax Code. Drawing parallels with the GST’s impact on indirect taxation, Agrawal expects the Direct Tax Code to simplify the tax structure and alleviate the tax burden.
He advocates for enhancing the I-T slab limits to alleviate tax liabilities for the middle class; and views raising the rebate limit as a “strategic move” to encourage taxpayers to transition to the new regime.
