Budget 2024: After the results of the Lok Sabha elections, now everyone’s eyes are on the budget. Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024–25 next month.
As always, this time too, people have high expectations from the budget. Especially middle-class people feel that after the formation of the Modi government once again, some big announcements can be made regarding income tax. The changes that people are waiting for very eagerly can be announced by the government this time.
These announcements can be made in the budget.
According to a Bloomberg report, Finance Minister Nirmala Sitharaman can give a big relief to the people of the middle class by giving tax exemptions in the upcoming budget. According to the report, the new government led by Prime Minister Narendra Modi is considering measures worth more than Rs 50 thousand crore to boost consumption in the upcoming budget.
If the report is to be believed, Finance Ministry officials can cut taxes for those taxpayers who spend the most. This means that people whose annual income is between 5 and 10 lakh rupees can get tax benefits in their budget. Currently, income tax is levied at a rate of 5 to 20 percent in this income bracket. These rates can be reduced a bit in the new budget.
Possibility of a new tax slab
According to Bloomberg’s report, it has been claimed that Finance Minister Nirmala Sitharaman from the Central Government can also announce new tax slabs in the full budget. The new tax slab is also going to be focused on the middle class. Only time will tell how good the new budget proves to be for the general public.
Apart from this, many industry organisations are also demanding a reduction in personal income tax from the Finance Minister. Let us tell you that this time the government has been formed for the third consecutive time under the leadership of PM Modi. Now the full budget is expected to come in the second or third week of July.
