Tax Free income: Tax free income limit may increase from Rs 7,00,000 to Rs 7,50,000, check details

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Budget 2024: Modi’s guarantee to common taxpayers. Only one day is left for the presentation of the budget. In such a situation, the heartbeats of taxpayers are increasing.

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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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