FM Nirmala Sitharaman is all set to table the interim budget of 2024 on February 01, 2024. This will be the last Budget of Modi Govt 2.0ahead of the 2024 Lok Sabha elections. Although announcements will be limited, industry experts expect a host of subtle announcements in Nirmala Sitharaman’s sixth budget presentation. Deloitte India’s Gokul Chaudhri talks about the interim Budget 2024 and more. Watch!

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The upcoming interim budget for 2024 is expected to bring some relief in the form of income tax changes, according to tax experts at Deloitte. The interim budget, which is set to be announced before the general elections, is an important announcement for taxpayers and businesses alike.

According to Deloitte’s tax expert, the relief in income tax is aimed at providing some respite to the middle-class taxpayers who have been facing the brunt of high taxes and inflation. The expectation is that the government will announce some measures to ease the burden on the middle-class and promote higher disposable income.

One of the expected measures is an increase in the basic exemption limit for individual taxpayers. This would mean that individuals would be able to earn more income before they are required to pay taxes, providing some relief to the middle-class.

Additionally, there are expectations of changes in tax slabs, with the possibility of introducing new tax brackets and reducing the tax rates for different income groups. This could potentially result in lower tax liabilities for many taxpayers, further easing the financial burden on the middle-class.

Furthermore, there is anticipation of an increase in the deduction limits for various expenses such as medical insurance premiums, education loans, and housing loans. This would allow taxpayers to claim higher deductions and reduce their taxable income, resulting in lower tax liabilities.

It is important to note that these expectations are based on the current economic and political environment, and the actual changes announced in the interim budget may differ. However, it is clear that there is a general expectation and hope for some relief in income tax for the middle-class.

The government has been under pressure to address the concerns of taxpayers, especially in light of the economic challenges faced due to the pandemic. The expectation is that the interim budget will provide some relief to the middle-class and boost consumer spending, which in turn can help stimulate the economy.

Overall, the announcement of income tax relief in the interim budget is eagerly awaited by taxpayers, and will have a significant impact on the financial well-being of individuals and families. Deloitte’s tax expert highlights that the changes in income tax will be crucial in shaping the financial landscape for the middle-class in the coming year.