Budget 2024-25 likely to come up with tax relief for middle class. Here is what to expect

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Ziraat Times
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New Delhi, June 8: The Union Budget 2024-25 is expected to provide several relief measures for the country’s middle class. According to the  information available from Finance Ministry sources, and compiled by Ziraat Times, following are the main areas of anticipated relief expected for the common masses in the budget:

1. Income Tax reforms and increase in standard deduction: The standard deduction, currently at Rs 50,000, might be increased to Rs 75,000 or even Rs 1,00,000.

– Changes in Tax Slabs: Proposals suggest increasing the exemption limit to Rs 5 lakh and adjusting tax rates for various income brackets to reduce the overall tax burden.

 

2. Section 80C and Other Deductions:
– Higher Limits under Section 80C: There are calls to increase the limit from Rs 1.5 lakh to Rs 3 lakh to better align with rising costs.

– Enhanced Health Insurance Deductions: The deduction limit under Section 80D for health insurance premiums may be increased from Rs 25,000 to Rs 50,000 for individuals and from Rs 50,000 to Rs 75,000 for senior citizens.

3. House Rent Allowance (HRA):

– Revision of HRA Exemptions: The classification of cities for HRA benefits might be updated to reflect current rental market conditions, potentially increasing the 50% exemption to more cities beyond the existing four metros.

4. Simplification of Tax Regime:

– Streamlining Tax Structure: Efforts may include consolidating capital gains taxes and simplifying GST to reduce compliance burdens and make the system more user-friendly, sources said.

 

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