Synopsis
 

Union Budget Budget 2024 Income Tax Expectations LIVE: The first full-year Budget of the Modi 3.0 government will be presented on July 23, 2024. The middle-class taxpayers anticipate significant tax measures from Finance Minister Nirmala Sitharaman to ease their financial burden. Some of the prominent expectations of the Budget 2024 are an increase in the standard deduction limit and a tweak in the basic exemption limit in the new tax regime. Taxpayers also want more tax relief to repay their home loans. Will the Finance Minister make aam aadmi happy in Budget 2024? Stay tuned to find out.

Budget 2024 Income Tax Expectations: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on Tuesday, July 23, 2024. Taxpayers are eagerly awaiting significant tax reliefs from the first Budget of the newly elected government. From hiking the standard deduction limit to tweaking the income tax slabs, the taxpayers want Budget 2024 to introduce measures that will ease their financial burden. Arun Poddar, CEO and Executive Director, of Choice International Limited says, "As we anticipate the Budget 2024, we expect measures that will further propel India's economic growth trajectory. We look forward to initiatives that will bolster the financial ecosystem, including banking, insurance, and capital markets. Some potential adjustments to the tax structure for lower-income brackets could stimulate consumer spending and drive economic momentum, further reinforcing India's growth narrative.”
 

Sonal Badhan, Economist of Bank of Baroda says, "As the budget presented on 23 July 2024 will be the 1st for NDA 3.0, we expect the government to stick to its path of fiscal consolidation, without compromising on the quality of expenditure. In the wake of slowing global growth and to maintain momentum in domestic growth, the focus will be on improving rural and urban consumption, savings, and investments. In addition, we also expect this document to reflect the government’s vision for turning India into ‘Viksit Bharat’ by 2047. On the receipt front, certain reductions can be expected if the government decides to relieve the burden of individual taxpayers and give incentives for savings."
 

Some of the key tax measures that common man wants from Budget 2024 are
 

Union Budget 2024-25 expectations: Increase in standard deduction limit in the new tax regime
 

Experts believe the government may increase the standard deduction limit in the new tax regime, currently set at Rs 50,000. This would leave taxpayers with more disposable income after accounting for deductions. Estimates suggest a moderate hike of Rs 10,000 to Rs 75,000.
 

Union Budget 2024-25 expectations: Raise the basic exemption limit
 

Another key expectation is an increase in the basic exemption limit, which currently stands at Rs 3 lakh in the new tax regime. Experts suggest raising it to Rs 5 lakh, offering wider tax relief to all individual taxpayers.
 

Keep in mind that the basic exemption limit is set at Rs 2.5 lakh in the old tax regime.
 

George Alexander Muthoot, MD of Muthoot Finance says, “The forthcoming union budget is poised to chart the course for the new Indian government’s economic growth agenda. On the back of the political stability and resilient economy, it is expected to provide relief to various sections of the society and benefits for various sectors.”