Income Tax: Taxpayers will get new good news, tax exemption may increase in Budget 2024! Details here by StuffsEarth

Estimated read time 13 min read

Income tax slab AY 2024-25: According to sources associated with the Finance Ministry, changes in the income tax slab may be seen in the budget to provide relief to taxpayers. This may be for a particular salary class. There are currently a total of 5 slabs of income tax in the old tax regime.

Budget 2024 expectations: The new budget of the new government is about to come. The first full budget of Modi 3.0. It is expected that this time the budget can be different. Because, this time it is the budget of the coalition government. Therefore, the way can open for the middle class and taxpayers. Taxpayers want relief from the burden of tax. The hope is full. But, the Finance Minister is the same. Will there be a surprise or will the focus be only on growth like every time. Will the government offer any big gift in the matter of income tax?

Sources say that there can be something special in the budget of 22 July 2024. Because, this will also be the responsibility of the coalition government formed after the elections. Because, in the last several budgets, taxpayers have been empty handed. Time will tell whether the wishes of taxpayers are fulfilled or not. At present, the discussion is that in the July budget, people with income up to Rs 10 lakh can get big good news.

Will there be a big change in the income tax slab?

According to sources connected to the Finance Ministry, changes can be seen in the income tax slab in the budget to provide relief to taxpayers. This can be for a particular salary category. There are a total of 5 slabs of income tax in the old tax regime. In these, income up to Rs 2.5 lakh comes under the tax free category. After this, there is a 5 percent tax on income from Rs 2.5 lakh to Rs 5 lakh. At the same time, 20 percent tax has to be paid directly on income of 5 lakh to 10 lakh. 30 percent tax is levied on income from Rs 10 lakh to Rs 20 lakh and those with income above 20 lakh also have to pay 30 percent tax. At the same time, in the new tax regime, salary up to Rs 7 lakh still comes under the tax free category.

What will happen in the income tax slab?

If sources are to be believed, the structure of income up to Rs 10 lakh will be in focus in the budget. There is a possibility of change in this. Currently, 20 percent tax is directly levied on salary up to Rs 10 lakh. This tax slab can be changed. The 20 percent tax on income up to Rs 10 lakh can be reduced to 10 percent. Apart from this, consideration is also being given to changing the 30 percent tax slab.

What about those with income above Rs 15 lakh?

Whether it is the old tax regime or the new tax regime, there is a 30 percent tax on income above Rs 15 lakh in both. But, if the 30 percent tax in the old regime is reduced or changed, then its benefit can be availed in the new regime as well. There is a possibility that the 15 percent slab may be abolished in the new tax regime as well. Direct 10 percent tax should be imposed on income up to Rs 10 lakh and 20 percent tax should be imposed on income of Rs 10 to 15 lakh. In such a situation, the tax burden will increase on those falling in the 10 to 12 percent slab, but there will be a big relief up to Rs 10 lakh. If sources are to be believed, an attempt can be made to make it attractive like the old regime by breaking the slab.

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