Budget 2024: Here's what the middle-class expects
IIE Digital Desk:As the Interim Budget 2024-25 approaches, the middle class in India anticipates relief in the form of tax concessions and incentives to alleviate the strain of rising expenses and stagnant incomes.
With the upcoming elections adding significance to the budget, all eyes are on Finance Minister Nirmala Sitharaman to strike a balance between fiscal objectives and electoral appeal. Key expectations from experts include a proposed hike in the Standard Deduction, which hasn't seen a revision in five years, with calls for an increase to 1,00,000 rupees.
Additionally, demands for more relief under Section 80C, especially given the increased cost of living, and a plea to enhance Health Insurance deductions under Section 80D to align with the evolving healthcare landscape during the pandemic. Furthermore, experts are urging improvements in tax slabs, emphasizing the need for a reevaluation of income brackets and rates to provide meaningful relief to the middle class.
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