Budget 2024: Will The New Tax System In The Budget Be More Attractive? Taxpayers Have These Expectations

Will the new tax regime be more attractive?

All eyes are on the general budget to be presented on July 23. The biggest expectations have been set by the taxpayers. Vineet Agrahari from Greater Noida is confident that this time Finance Minister Nirmala Sitharaman will definitely improve the new income tax system in her announcements, which will increase the inclination of people to follow the old tax system. Dinesh is a teacher by profession. They want the government to make the new tax system more attractive. Especially by increasing the tax deduction limit, other necessary deductions should be included in it. Like Vineet, there are many taxpayers who are demanding the same from the government in this general budget.

Increase in the deduction and exemption limit

Nisha Bansal, a resident of Ghaziabad, says that the government should increase the deductions in the new tax system in the General Budget 2024. The exemption should also be increased. Currently, the deduction limit has been fixed at Rs 50,000, which is not sufficient and needs to be increased. Increasing it will bring a huge relief to taxpayers and provide more incentives to move away from the old tax system. Nisha also appeals to the government that the basic tax exemption limit should also be increased from Rs 3 lakh to Rs 5 lakh.

These things should be included in the new tax regime.

Mahesh Mishra, a resident of Hapur, says that in the old tax regime, many types of deductions such as HRA and 80C etc. were available. For this reason, he has chosen the old tax regime but if the government includes other deductions including NPS under Section 80CCD (1B) and health insurance premium under Section 80D in the new tax regime, it will provide relief to taxpayers like him. They will also be able to save more for the future. Experts also believe that the government can make changes in the new tax system to please taxpayers.