Budget 2024: Expectation of Changes in Tax Slab; No Tax on Annual Income if Basic Exemption hiked to Rs.5 lakh

Budget 2024: Expectation of Changes in Tax Slab; No Tax on Annual Income if Basic Exemption hiked to Rs.5 lakh

Finance Minister Nirmala Sitharaman is going to present her first budget in Modi 3.0 in Parliament on July 23. Overall, this will be her seventh consecutive budget presentation, with an interim one delivered in February of this year.

With just a fortnight to go before the Union Budget 2024,  taxpayers, particularly those in the middle class, are anticipating some much-needed tax relief measures from the government of Modi.

They are particularly hoping that the government will increase the basic exemption level from Rs.3 lakh to Rs.5 lakh, enhance the standard deduction limits, and implement new deduction benefits under the new tax regime.