00:00In the first budget of Modi Government 3.0, there are many expectations of tax relief from Finance Minister Nirmala Sitharaman.
00:13According to a survey, expectations are being raised that the budget this time will please middle-class taxpayers.
00:19In the survey, it is being said that the limit of standard deduction from the change in the tax slab in the new tax regime is to be increased.
00:26In the budget 2024, many experts have given their opinions on the possibility of change in income tax rules.
00:33What can be possible? What can be the benefit of standard deduction?
00:37What changes can be made in the old tax regime?
00:39Or will the new tax regime be made attractive?
00:42What are the possibilities? We will tell you in this video, so watch the video till the end.
00:47And what are your expectations about the budget, you can also share with us through the comment.
00:52So, in this budget, it is being said that the possibility of increasing the standard deduction limit can be made.
00:59Currently, there is a standard deduction limit of 50,000 rupees in the old and new tax regime.
01:04There is no need for any proof of actual expenses under this.
01:08This was changed for the first time in 2019.
01:11According to many experts, the standard deduction limit can be increased while keeping in mind the increase in inflation.
01:17Some experts say that to reduce the taxable income of taxpayers, the standard deduction limit can be reduced to 1 lakh rupees.
01:24Some experts believe that this limit can be increased to 75,000, which will benefit all employees,
01:32whether they have chosen any option, whether they have taken the old tax regime or the new tax regime.
01:37In this, some experts also believe that the limit can be increased to 10,000 rupees.
01:42That is, it can be reduced from 50,000 to 60,000, it can also be reduced to 75,000.
01:47The demand is also being made in such a way that the standard deduction limit can be increased to 1 lakh rupees.
01:52This will not affect tax revenue and it will be easier to manage the fiscal budget of the government.
01:58Now, the limit of freedom in the new tax regime can be increased.
02:02So, one more important expectation from the budget is that the limit of freedom in the new tax regime should be increased.
02:09In the budget of 2023, the government increased the basic limit of freedom from 2.5 lakh rupees to 3 lakh rupees.
02:15Now, the assumption is being made that in the budget of 2024, the basic limit of freedom can be increased from 3 lakh rupees to 3.5 lakh rupees.
02:24Some experts also say that it can be increased to 5 lakh rupees.
02:29So, in the budget, it is also being assumed that along with increasing the standard deduction limit,
02:33the standard deduction limit will also be increased so that as many people as possible can choose the option of the new tax regime.
02:40Finance Minister Nirmala Sitharaman will present her budget on July 23.
02:44It is possible that the benefit of the old tax regime should be increased and the new tax regime should be made more attractive.
02:51At present, the limit in the old tax regime is 2.5 lakh rupees, which we call in the tax exemption limit.
02:59The limit in the new tax regime is 3 lakh rupees, it is possible that it should be reduced to 5 lakh rupees.
03:03Well, what do you think? Do tell us in the comments.
03:06You can also tell us about your expectations in the comments.
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