Budget 2024: How much have the tax rules changed in the Modi government, when did the common man get benefit in the last 10 budgets

Income Tax Rules in Narendra Modi Government :After the new government came to power at the centre, now all eyes are on the Union Budget 2024. This time the NDA government has been formed at the centre under the leadership of Narendra Modi, although the performance of the BJP is not like the last two times. Therefore, there are high chances that there may be some populist announcements in this budget. It is also believed that giving a big relief to the middle class, the government can give relief on income tax in this budget.

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At present, there are reports of presenting the budget on 22nd July, which will be the 6th full budget of Finance Minister Nirmala Sitharaman. Earlier in 2023, the tax limit was increased under the new tax regime. Let us know when the taxpayers got benefit and when the burden on their pockets increased in the last 10 budgets of the Modi government. From the year 2014 to the year 2018, the budget was presented by the then Finance Minister Arun Jaitley. Whereas from 2019 to 2023, the general budget was presented by Finance Minister Nirmala Sitharaman.

Union Budget 2014

In the year 2014, the first budget of the Modi government was presented in July 2014. At that time, the tax exemption limit was increased from Rs 2 lakh to Rs 2.5 lakh. While for senior citizens, this limit was increased from Rs 2.5 lakh to Rs 3 lakh. Under Income Tax Act Section 80(C), the tax deduction limit was increased from Rs 1.1 lakh to Rs 1.5 lakh.

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Union Budget 2015

There was no change in the tax slab in the 2015 budget. The deduction limit on health insurance premium was increased from Rs 15,000 to Rs 25,000. For senior citizens, this limit was increased from Rs 20,000 to Rs 30,000. Wealth tax was abolished in the budget. Sukanya Samriddhi Yojana was made tax free. A tax exemption of Rs 50,000 was also announced on investment in NPS.

Union Budget 2016

In the 2016 budget, tax rebate for those earning less than Rs 5 lakh was increased from Rs 2000 to Rs 5000. For those paying house rent, tax exemption under section 80GG was increased from Rs 24,000 to Rs 60,000. 10% income tax was imposed on dividends of more than Rs 10 lakh annually.

union budget 2017

This year, for the first time, the general budget and the railway budget were presented together. Tax payers were given a tax rebate of Rs 12,500. The income tax rate for income between Rs 2.5 lakh and Rs 5 lakh was reduced from 10 to 5 percent. A surcharge of 10 percent was imposed on people with annual taxable income between Rs 50 lakh and Rs 1 crore.

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union budget 2018

Long term capital gains from equity above Rs 1 lakh were taxed at 10 per cent. Interest income of up to Rs 50,000 from bank or post office deposits of senior citizens was given tax exemption, which was Rs 10,000 earlier. A standard deduction of Rs 40,000 was allowed in lieu of reimbursement of medical expenses. The deduction for medical expenses for senior citizens was increased from Rs 30,000 to Rs 50,000.

union budget 2019

Due to the general elections, Piyush Goyal first presented the interim budget in 2019. It was announced that those with less than Rs 5 lakh income will have to pay zero tax. The limit of tax rebate was increased from Rs 2500 to Rs 12500. Standard deduction was increased from Rs 40000 to Rs 50000. Along with this, the limit of TDS on rent was increased from Rs 1.80 lakh to Rs 2.40 lakh. After this, Finance Minister Nirmala Sitharaman presented the full general budget. There was no change in the tax slab.

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union budget 2020

Alternative income tax slabs were announced in the 2020 budget. Both the old income tax slab and the new alternative tax slab are available to taxpayers.

union budget 2021

In the budget for the year 2021, pensioners above the age of 75 years were exempted from filing tax returns, provided their income is from pension and interest from the bank.

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union budget 2022

No announcement was made regarding tax in this budget.

union budget 2023

In Budget 2023, under the new tax regime, the income tax exemption limit was increased to Rs 3 lakh. At the same time, the number of income tax slabs was reduced to 5. It provides for 5% tax for those with annual income of Rs 3 to 6 lakh, 10% tax on income of Rs 6 to 9 lakh, 15% tax on Rs 9 lakh to Rs 12 lakh, 20% on Rs 12 lakh to Rs 15 lakh and 30% tax on income of more than Rs 15 lakh. Income tax rebate has been increased to Rs 7 lakh. The old tax system continues as before.