Union Budget 2024: From Changes in Income Tax Slabs to Additional Allowances, List of Changes Salaried Class Expects From the Interim Budget This Year
The salaried class also expects the government to introduce measures that enhance tax efficiency and are in anticipation of an increase in standard deductions or additional allowances to help balance the impact of inflation.
Mumbai, January 26: Finance Minister Nirmala Sitharaman will present the Interim Union Budget for FY24-25 on February 1. This year, it will be an interim Budget as the elections for the Lok Sabha are due. An interim budget is a temporary financial plan for a few months until a new government is formed. Usually, the government announces the Union Budget for a fiscal year, which runs from April 1 to March 31 of the next year.
The expectations of the salaried class from the Union Budget can vary based on economic conditions, policy changes, and the prevailing socio-economic environment. In this article, let’s see what the salaried class expects from the Union Budget 2024. Union Budget 2024-25 Expectations in Real Estate Sector: From Interest Rates to Infrastructure Development, Know What Realtors Expect From the Interim Budget This Year.
As we all know, the salaried class has to bear the tax burden. Hence, people falling in the salaried class category hope for changes in income tax slabs or an increase in the basic exemption limit to reduce the tax burden. The salaried class also expects the government to introduce measures that enhance tax efficiency and are in anticipation of an increase in standard deductions or additional allowances to help balance the impact of inflation. Union Budget 2024-25: From Changes in Income Tax Slabs to Increased Deduction Limits and More, List of Changes Common Man Expects From Interim Budget.
The budget announcements and any proposed changes affect the financial situations of salaried individuals and taxpayers. Several other things that individuals expect include benefits related to health insurance premiums, medical expenses, and other healthcare-related costs, measures for reducing home loan interest or principal repayment and policies and initiatives that promote job creation and economic growth, which indirectly benefits the salaried class.
(The above story first appeared on LatestLY on Jan 27, 2024 05:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).