Union Budget 2024 Income Tax Slab Live Updates: Are income tax payers going to get a big relief this time? There is a buzz that the Modi government may increase the basic exemption limit of income tax to Rs 5 lakh this time. It is also being said that this time important changes can also be made in the income tax slabs for income tax payers. But the question is whether Finance Minister Nirmala Sitharaman will fulfill these expectations of taxpayers this time? Especially considering that according to the data presented in the last interim budget, out of every rupee that comes into the government treasury, personal income tax payers contribute 19 paise. This is more than any other source of income for the government.
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July 23, 2024 09:51 IST
Income Tax Budget 2024 Live Updates: Will there be a change in HRA tax exemption rules?
Most companies in the organized sector give their employees House Rent Allowance (HRA), which is a part of their salary or Cost to Company (CTC). This amount is tax free under Section 10(13A) of the Income Tax Act. This is an important exemption for taxpayers, especially those who live in a rented house away from their home due to job.
According to the current tax formula, only four cities – metro cities like Chennai, Mumbai, Delhi and Kolkata are eligible for exemption on 50% salary basis, while working professionals living in non-metro cities get exemption on 40% salary basis. However, cities like Bengaluru, Hyderabad, Gurugram and Pune have also become expensive rapidly. It is expected that HRA rules may be changed in the General Budget 2024 to include people living in these cities in the exemption on 50% salary basis.
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July 23, 2024 09:50 IST
Income Tax Budget 2024 Live Updates: Will the limit of Section 80TTA increase in the budget?
Interest earned on deposits in a bank, co-operative society or post office is eligible for a deduction of up to Rs 10,000 under Section 80TTA of the Income Tax Act. However, the current exemption limit of Rs 10,000 for interest on bank deposits is inadequate and should be increased to at least Rs 50,000 at the present time.
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July 23, 2024 09:47 IST
Income Tax Budget 2024 Live Updates: Will the limit of Section 80C increase in the budget?
The government has not reviewed Section 80C of Income Tax since 2014. The government can make changes in this budget. Under Section 80C, exemption is available on many options like housing loan amount repayment, tax saving FD, EPF, children’s school fees and life insurance premium. To maximize the benefits for taxpayers, the limit of Section 80C needs to be increased.
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July 23, 2024 09:34 IST
Income Tax Budget 2024 Live Updates: Will both the tax regimes be combined to form one regime?
Before the budget, there is a discussion on whether the government can make a big change on the income tax front. It is also being said that the government can introduce a single tax regime by combining both the new and old tax regimes.
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July 23, 2024 09:31 IST
Income Tax Budget 2024 Live Updates: What will income tax payers get in the budget?
Income tax payers have been waiting for a long time for a change in the income tax slab and an increase in the basic exemption. In the discussions going on before the budget, there has been a lot of hope that this time the government can give some relief to the taxpayers on both these fronts. Now it remains to be seen whether the Finance Minister really does something like this or not?
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