Union Budget 2024 Speech Live: Expectations – 5 Changes to Income Tax

Budget 2024 Speech Live: Expectations – 5 changes to income tax

As Finance Minister Nirmala Sitharaman gears up to deliver the Union Budget 2024 speech today, there are high expectations from taxpayers and corporate watchers alike. Among the key expectations are potential changes to income tax that could bring relief to individuals and boost the economy. Here are 5 changes to income tax that are being anticipated:

1. Section 80C exemption for salaried individuals may see an increase from the current ₹1.5 lakh/year limit.
2. The income tax exemption limit under the new tax regime could be raised from ₹3 lakh to ₹5 lakh.
3. Calls for changes to the National Pension System (NPS) are expected, including an increased contribution limit and flexibility in withdrawal of savings.
4. With rising healthcare costs, experts anticipate an increase in the deduction limit for medical insurance premiums.
5. Reduction in tax rates to incentivize taxpayers to switch to the new regime.

These changes are aimed at providing relief to taxpayers, boosting consumer spending, and driving innovation and financial inclusion in the country. Stay tuned for more updates as the Budget speech unfolds.