Even before presenting the Budget 2025, Finance Minister Nirmala Sitharaman had indicated that this budget will be dedicated to the common man and the middle class. She made these indications come true through her announcements and provided relief to the working class and the middle class by giving a big exemption in income tax. TDS and TCS will be reduced, due to which they will have more money in their hands. TDS deducted on salary will be reduced.

Under this, now FD deduction of Rs 1 lakh has been made. The amount to be sent abroad has also been increased to Rs 10 lakh. TCS will now be charged only from those who do not have PAN. The facility of updating the return has also been provided, which will benefit 90 lakh taxpayers. The return can be re-filed i.e. updated return in the assessment year up to 4 years. Now, if the taxpayers have 2 properties then no tax will be levied on them. Till now it was limited to only one property. For senior citizens, the deduction on FD has been increased from Rs 50,000 to Rs 1 lakh, while the exemption for filing ITR has been increased from Rs 5 lakh to Rs 10 lakh.

Gift to the middle class

The middle class will not have to pay any tax up to Rs 12 lakh. Till now it was only Rs 7 lakh. This has been increased by Rs 5 lakh at a time and no tax will be taken from those earning up to Rs 1 lakh every month. A tax deduction of Rs 75 thousand will also be given in this. No tax will be levied on income up to Rs 12 lakh 75 thousand.

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What will come out of Finance Minister Nirmala Sitharaman’s box for them this time? Will they get exemption from standard deduction? Will the discount on NPS increase? Will NPS be included in the new tax regime? Will the tax exemption limit increase? Will the tax free income limit of Rs 7 lakh be increased? If sources are to be believed, this wish of the taxpayers may be fulfilled. Yes, the limit of tax free income can increase from Rs 7,00,000 to Rs 7,50,000.

Will taxpayers get Modi’s guarantee?

Taxpayers have a guarantee this time from the Modi government. India’s budget is going to be presented tomorrow on 1 February 2024. Taxpayers have many expectations from Finance Minister Nirmala Sitharaman’s interim Budget 2024.

According to sources, Modi government may give some more relief to taxpayers. Currently, in the new tax regime no tax has to be paid up to Rs 7 lakh. Now the government can increase it to Rs 7.50 lakh. At the same time, the government can also give a separate tax slab to women, in which no tax will have to be paid up to Rs 8 lakh.

Budget will be presented tomorrow

Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country.

In such a situation, the government can make many announcements about salary classes. The government’s focus is to increase focus on the new tax regime. More and more people have to be connected with it. This time it is expected that the government will announce the new tax and more people will choose it.

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