Budget 2024: What are the Expectations of Salaried Taxpayers from FM Sitharaman 

Budget 2024-25 Expectations:  After presenting the interim budget ahead of 2024 Lok Sabha elections, the Finance Minister Nirmala Sitharaman is preparing to present her seventh consecutive budget on July 23. The Budget Session of Parliament will start on July 22 and extend till August 12.

People can watch the live Union Budget address on Parliament’s official TV channels Sansad TV and Doordarshan. They can also access the live speech on the Union Budget web portal www.indiabudget.gov.in.

Sitharaman will table the Union Budget 2024-25 in the Monsoon Session of Parliament. Like every year, the salaried taxpayers have some expectations from the Finance Minister. Will the BJP-led government ease the financial burden on the salaried taxpers?

1. India’s growth trajectory is going upwards while the per capita income growth among the salaried group is not keeping up with it. According to experts, if the government wants this group to increase private consumption, which is essential for economic growth, then salaried taxpayers should be provided tax relief in the ensuing budget. 
2. The salaried individuals are expecting an increase in the basic exemption limit from Rs 3 lakhs to Rs 5 lakhs in the new tax regime and reduction in tax rates. 
3. The salaried individuals are expecting an increase in the standard deduction limit, The government had introduced the standard deduction limit of Rs 40,000 per annum for this taxpaying category in Budget 2019. The salaried taxpayers have been demanding an increase in this limit because they don’t get to save more under the current limit of Rs 50,000. 
4. In addition to expectations for an increase in income tax slabs, tax rates and increased deductions, the taxpayers want the government to provide exemption for house rent allowance (HRA) under the old tax regime. HRA is fully taxable for an employee not living in a rented house and the employee can claim it as tax exempt. Taxpayers living in a rented house in metro cities like Delhi, Mumbai, Kolkata and Chennai qualify for 50 percent exemption from HRA. If they are living in tier-2 cities like Hyderabad, Bengaluru, Pune, Ahmedabad, Gurgaon etc will come under the 40 percent exemption bracket.

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