Key Points
When the talk is about freebies, populism, welfare schemes, cash handouts, the taxpayers, though a small section of the voting population, too expects some benefits from the budget, even though the governments prioritise the people at the bottom who are more deserving..
Where does all this leave the taxpayer who expects Finance Minister Nirmala SItharaman to announce income-tax incentives and benefits in the Interim Budget?..
In the current financial year, the collections from net direct taxes -- personal income tax and corporate tax -- have so far grown by 20 per cent and at this pace, the mop-up is likely to be around Rs 19 lakh crore in the fiscal ending on March 31, 2024...
Increasing standard deduction will be a quick and surefire way to please the salaried middle class which carries little weight with governments focused on providing financial benefits to people at the bottom of the pyramid..
One of the changes, Shalini Jain, Tax Partner, People Advisory Services, EY India, thinks should figure in the upcoming budget is having a uniform holding period for all Indian domestic shares and mutual fund units (whether listed or unlisted/ equity or non-equity) for qualification as long-term capital asset..
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How salaried employees can calculate standard deductions for FY 2023?
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Income Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayer
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What is Section 80C tax deduction limit after Budget 2024?
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Income tax deductions available under section 80C in India
26, Jan, 24In Union Budget 2023, Finance Minister Nirmala Sitharaman did not make any changes to Section 80C. Therefore, if you have opted for the old tax regimen, you can still benefit from deductions amounting to Rs.1.5 lakh under section 80C
Tax Talk: Every employee can avail of standard deduction
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28, Apr, 23Tax-free income: Under both Old and New Tax regimes, a certain amount of annual income above the respective basic exemption limits are free from any taxes.
Budget announcements in recent years: What has been Modi govt's stance on income tax?
06, Jan, 24Union Budget: The spotlight on income tax changes commands attention in the upcoming interim budget. Indians await exemptions while the government pivots to an exemption-less tax system. With a 20.66% rise in direct tax collections this fiscal year, hitting over Rs 13.70 lakh crore, income tax announcements in the interim budget gain significance.
Budget 2024: Will new income tax regime get standard deduction boost?
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