Income Tax Slab Budget 2024 LIVE Updates: Finance Minister Nirmala Sitharaman will present Budget 2024 today, July 23. This marks her seventh consecutive budget presentation, following an interim budget earlier due to the 2024 Lok Sabha Polls, which saw no significant announcements. The salaried class in India eagerly awaits the PM Modi-led government to announce relief through tax cuts or increases in income tax slabs. Expectations range from raising the standard deduction limit to adjusting income tax slabs to lighten taxpayers’ financial burdens.
In Budget 2023, the Modi Government introduced several new income tax regulations, notably making the new tax regime the default option while allowing taxpayers to choose the benefits of the old regime.
How to access Budget 2024 documents:
You can view the Budget 2024 through the Union Budget Mobile App, available on Android and iOS platforms. Following the Budget speech, documents will be accessible on the web portal at www.indiabudget.gov.in.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, and Corporate Reactions.
Income Tax Budget 2024 LIVE: Changes salaried taxpayers want in NPS from Nirmala Sitharaman
Income Tax Budget 2024 LIVE: Salaried taxpayers may seek changes in the National Pension System (NPS) such as increased tax benefits, higher contribution limits, improved flexibility in withdrawal options, or enhanced pension benefits.”The government may consider increasing this limit to 12%, aligning it with the exemption of the employer’s PF contribution up to 12%. Additionally, there could be a chance to introduce an extra deduction of ₹50,000 under the new tax regime. Currently, NPS allows partial withdrawals under certain conditions. Still, taxpayers often seek more flexibility in withdrawal options, especially in emergencies or during specific life events” said Abhishek Soni, CEO and Co-founder of Tax2win.
Income Tax Budget 2024 LIVE: GST key numbers to watch out for
Income Tax Budget 2024 LIVE: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to ₹10.68 lakh crore, an increase of 11.6 per cent. The tax revenue figures will have to be watched out for in the final Budget for the 2024-25 fiscal year.
Income Tax Budget 2024 LIVE:Tax Revenue key numbers to watch out for
The Interim Budget pegged gross tax revenue at ₹38.31 lakh crore for 2024-25, an 11.46 percent growth over the last fiscal year. This includes ₹21.99 lakh crore estimated to come from direct taxes (personal income tax, corporate tax) and ₹16.22 lakh crore from indirect taxes (customs excise duty, GST).
Income Tax Budget 2024 LIVE: Fiscal Deficit key numbers to watch out for
Income Tax Budget 2024 LIVE: The budgeted fiscal deficit, which is the difference between government expenditures and income, for the current fiscal year is 5.1 percent, as projected in the Interim Budget in February, against 5.8 percent in the last fiscal year. Due to tax buoyancy, the full Budget is expected to provide better-than-earlier projections.
The government has projected a fiscal deficit of 4.5 per cent of the GDP in FY26.
Income Tax Budget 2024 Live: FM Nirmala Sitharaman to Present Paperless Budget
Income Tax Budget 2024 Live: FM Nirmala Sitharaman will present an entirely paperless budget, as has been the practice for the past three years.
Income Tax Budget 2024 LIVE: Economic Survey shows robust growth but flags inflation and FDI concerns
Income Tax Budget 2024 LIVE: Economist Abhirup Sarkar said on Monday that the latest economic survey offered a mixed outlook amid significant global uncertainties.
In terms of inflation control, Sarkar praised the government’s efforts.
Sarkar highlighted the survey’s optimistic portrayal of India’s economic performance: “The growth over the past year has been impressive, surpassing 8 per cent. For three consecutive years, we’ve achieved a growth rate above 7 per cent, despite the challenging global environment marked by ongoing conflicts,” PTI reported.
Income Tax Budget 2024 Live: Nirmala Sitharaman to present Budget at 11 am today
Income Tax Budget 2024 Live: Finance minister Nirmala Sitharaman is set to present her budget speech on Tuesday at 11 am in the Lok Sabha. All eyes are on whether she will provide the much-anticipated tax relief for the middle class.
Income Tax Budget 2024 LIVE: Six income tax rule changes that FM Sitharaman announced in 2023
Income Tax Budget 2024 LIVE: Sitharaman, during the last Budget, made six major announcements on personal income tax to benefit the middle class. From new tax regime to changes in rebates, let’s take a quick look at six top income tax announcements made by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023
1)Tax rebate limit raised
2) Changes in income tax slabs for new tax regime
3) Standard deduction benefit under the new income tax regime
4) Highest surcharge rate
The highest personal income tax surcharge ratehas been reduced from 37% to 25% in the new tax regime for income above ₹2 crore.
5) Tax exemption on leave encashment
The tax exemption limit on leave encashment on retirement of non-government salaried employees has been increased from ₹3 lakh to ₹25 lakh.
6) New income tax regime to be default regime
Income Tax Budget 2024 LIVE: Will FM Sitharaman bring cheer to the taxpayers?
Income Tax Budget 2024 LIVE: Experts advocate income tax reduction to tackle economic challenges ahead of Finance Minister Nirmala Sitharaman’s Union Budget 2024-25 presentation on July 23
