look news india
Tax Relief in Budget 2024-25: Finance Minister Nirmala Sitharaman is going to present the general budget for the financial year 2024-25 on July 23, the salaried class of the country has high expectations from this budget. Experts also believe that if the government gives tax exemption to the salaried class, their purchasing power will increase. Due to which consumption will also increase.
According to sources, the government is also considering this seriously. Some middle class oriented decisions can be taken in the budget.
Power to tackle rising cost of living
The country's economic progress is growing rapidly but the income of the salaried class is very slow. Due to this, the purchasing power of the salaried middle class has decreased. Finance Minister Sitharaman had earlier also said that she does not want to take any decision on a big issue like income tax in the interim budget. In such a situation, this time bureaucrats are more likely to get good news. They hope that this budget will provide relief from rising inflation.
Changes in standard deduction and tax slabs
According to the report, the Finance Ministry can increase the standard deduction under the new tax system. It has been increased from 50 thousand to 50 thousand rupees. It can be made 1 lakh. Apart from this, big changes are also expected in the tax slab. At present it is between 5 to 30 percent. Along with this, changes are also expected in the NPS tax system. The government can also make changes in the tax slab under the old tax system.
HRA expected to increase
After the Covid pandemic, house rents have increased rapidly across the country. These rents put pressure on the budget of the middle class. In such a situation, relief is also expected in the House Rent Allowance (HRA) deduction. At present, HRA is given according to the city. Many big cities including Hyderabad and Bengaluru will also be brought under the ambit of metro cities so that people working in these cities can also get the benefit of HRA like Delhi and Mumbai.