Budget 2024-25 Highlights: A day ahead of the presentation of Budget, Union Finance Minister and BJP leader Nirmala Sitharaman will table the Economic Survey 2023-24 along with a statistical appendix in Parliament today. Sitharaman along with Jayant Chaudhary, Pankaj Chaudhary, Kirtivardhan Singh and Sukanta Majumdar will present the document. The Union Budget 2024-25 of the third Modi government will be presented tomorrow at 11 AM. The spotlight is on Budget 2024 to deliver income tax relief for salaried individuals, stimulate job creation, and accelerate India’s journey towards achieving a USD 5 trillion economy.
80C: There have been no alterations to the Section 80C limit in the interim Budget 2024. The maximum amount eligible for tax deduction under Section 80C remains unchanged at Rs 1.5 lakh for the current financial year 2023-24.
Standard deduction: Individuals will retain the existing benefit of a Rs 50,000 standard deduction from salary or pension income for the upcoming financial year, 2024-25. No amendments have been announced regarding the standard deduction.
The tax rates remain unchanged in both the default new tax regime and the old tax regime. Presently, the basic exemption limits are Rs 3 lakh and Rs 2.5 lakh respectively for the new and old tax regimes. In both regimes, income above Rs 15 lakh and Rs 10 lakh respectively is taxed at the highest rate.
The Interim Budget has proposed no adjustments to these exemption limits or tax rates. Therefore, under the new tax regime, individuals with income up to Rs 7 lakh (excluding standard deduction) continue to have no tax liability, similar to the previous year.
Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23 at 11 AM. The Monsoon Session of the Parliament will begin on July 22 and will continue till August 12.
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