There is a plan to increase the limit set for the benefit of credit linked subsidy in this scheme. If this happens, then houses of higher price than before will come under the scope of this scheme.

Apart from this, there is a proposal to simplify the definition of middle class in the scheme. These decisions will benefit the middle class family. According to sources, the Urban Development Ministry has sent the draft note and guidelines to the Cabinet for approval, which is likely to be approved in 2 to 3 months. In Budget 2024, Rs 2.2 lakh crore has been allocated for PMAY-U in 5 years.

Also Read: Good news for employees, Dearness Allowance arrears will be paid before Rakshabandhan

According to information received from sources, interest rebate is possible on houses up to Rs 50 lakh under the government’s New Housing Scheme.

-Under this discount, beneficiaries of Pradhan Mantri Awas Yojana-Urban (CLSS) will get a discount of 3 to 6.5 percent in interest rates. Currently, the Credit Linked Subsidy Scheme provides discount on interest on houses up to Rs 45 lakh.

-In the new scheme, the government has set a target of building 1 crore houses.

-For the convenience of the beneficiaries of this scheme, all approvals will be given through single window system.

The post Good news! The scope of the new housing scheme may increase, more discount in interest on buying a house first appeared on Rightsofemployees.com.

At the same time, the Finance Minister has increased the long term capital gain tax and short term capital gain tax on all financial and non-financial assets. Now LTCG will be taxed at the rate of 12.5%. Additionally, the exemption limit for capital gains will be fixed at Rs 1.25 lakh per annum. At the same time, STCG will be taxed at the rate of 20 percent.

Finance Minister Nirmala Sitharaman has announced a better review of the Income Tax Act 1961. She said that this will reduce disputes and litigation, she said that it is proposed to complete it in 6 months.

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New Tax Slab in Budget 2024-25

• 0-3 lakh rupees: 0
• Rs 3-7 lakh: 5%
• 7-10 lakhs: 10%
• Rs 10-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Above Rs.15 lakh: 30%

The post Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details first appeared on Rightsofemployees.com.

Like every time, in this budget too, the eyes of taxpayers and working people will be on the changes in the income tax slab, increase in standard deduction and more relief in housing loan interest and section 80C. However, where and how much relief will Finance Minister Nirmala Sitharaman give. It will be clear after 11 o’clock. It is expected that the government can make taxpayers happy by changing the income tax slab, as well as increase the standard deduction.

Increase in income tax limit possible: There is a possibility that under the new tax system, the basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. This decision will provide great relief to low-income group taxpayers.

Changes in the new tax regime: The government can make further changes in the new tax system to make it more attractive. This can include adjustments in the tax slabs or additional deductions.

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Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

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More tax exemption on home loan interest: Under Section 24(b) of the Income Tax Act, tax exemption can be claimed on interest up to Rs 2 lakh on home loan. However, there is a demand to increase this deduction to Rs 4 lakh. At the same time, some real estate experts have demanded to increase this limit to Rs 5 lakh. This will improve the property market as well as the common man.

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