Budget 2024 Expectations: Now only a few days are left for the country’s budget to come. Finance Minister Nirmala Sitharaman will present the interim budget on 1 February. Due to it being an election year, the full budget will not come this time. The new government that will be elected will have the responsibility of presenting a complete budget. The taxpayers of the country have high expectations from this interim budget. Every time taxpayers expect that the government should provide some tax relief in the budget. Let us know what the taxpayers are expecting this time.
Old tax regime should not end
Taxpayers are expecting the Finance Minister not to abolish the old tax regime. Taxpayers fear that the government may abolish the old tax regime after the introduction of the new tax regime. In such a situation, there is a demand from the taxpayers that the old tax regime should be kept in force.
80D deduction limit should be increased
Taxpayers are demanding that the deduction limit in medical insurance premium for individuals under section 80D (80D deduction limit) should be increased from Rs 25 thousand to Rs 50 thousand. At the same time, for senior citizens this limit should be increased from Rs 50 thousand to Rs 75 thousand.
Tax free slab should be expanded
Many salaried employees are hoping for an extension in the tax free slab. They want the government to make annual salary up to Rs 8 lakh tax free. At present, taxpayers are saved from tax liability on annual salary up to Rs 7 lakh in the new tax regime.
Capital gains tax should be simplified
People demand that capital gains tax should be simplified. Investors remain troubled by the complexity of the current capital gains tax regime. There are many factors to consider like asset class, holding period, tax rates and residence status. Experts say the government should streamline the classification of equity and debt instruments. Tax treatment for listed and unlisted securities should be unified. Also, indexation provisions should also be simplified.
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