New Delhi, January 28: Budget 2024 will be presented by Finance Minister Nirmala Sitaraman on February 1 at 11 am. Since India is preparing for General Elections 2024, the budget presented would be an interim budget, which acts as a placeholder focused on the governance plan until the new government can be elected into parliament. That does not mean that there are any less expectations from the upcoming budget. Salaried people are particularly keeping an eye out for Budget 2024 and hoping for some ease in their current burden.

As we prepare for Budget 2024, here are the key expectations that salaried taxpayers have from Interim Budget 2024. Union Budget 2024: From Changes in Income Tax Slabs to Additional Allowances, List of Changes Salaried Class Expects From the Interim Budget This Year.

 Incentive to Shift to New Tax Regime

When the government of India introduced the New Tax Regime, several people were keen on understanding how they could reap the benefits of the new regime with their current investment plans. Even as the new tax regime has been available for a few years, the incentive for salaried individuals to switch to the new tax plan has been minimal, especially for those in the higher tax bracket. People are therefore hopeful that the budget will introduce ways to incentivise more people to switch from the Old Tax Regime to the new tax slabs. Union Budget 2024 Expectations in Crypto Industry: From Low TDS Rates to Policy on Cryptocurrency Regulation, Know What the Crypto Experts Expect From the Budget This Year.

Simplification of Capital Gains

The introduction of Long Term Capital Gains Tax was filled with mixed reactions from taxpayers. More than anything else, the basis of the calculation of LTCG and capital gains on several assets has been confusing for many. People are hopeful that the Interim Budget and Budget 2024 will further simplify the calculation of capital gains to increase transparency in where one’s money goes.

 Increase in Section 80C limits for Old Tax Regime

Another key expectation that has been constant is the possible increase in the salary deductions offered under Section 80C of the Income Tax Act, 1961. While it currently offers Rs 1,50,000 in deductions, people are expecting an additional Rs 50,000 in tax deductions.

 These changes would really improve the quality of life of the salaried taxpayers who have been stumped with the increased cost of living. Even as the Interim Budget 2024 is expected to only be focused on the plan leading up to May 2024, the changes suggested could still help many.

(The above story first appeared on LatestLY on Jan 28, 2024 03:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).