On February 1, 2024, Finance Minister Nirmala Sitharaman presented the interim budget for the fiscal year 2024-25. This interim budget, known as a Vote on Account, is a temporary budget presented ahead of the Lok Sabha Elections scheduled for April-May. Typically, significant reforms are not announced in Votes on Account, as tax structures and rates are generally not revised. However, middle-class taxpayers are hopeful for relief in the new income tax regime, with demands for more deductions, a hike in the standard deduction limit, and simplification of the capital gain tax regime. Experts are calling for the reinstatement of income tax deductions for contributing to the National Pension Scheme (NPS) and an increase in the standard deduction limit. Additionally, there are calls for an increase in the limit of Section 80D for health insurance premiums. The budget was presented on February 1, 2024, at 11 am in the new Parliament building.
2024 Budget: Latest Updates on Income Tax Slabs for 2024-25 and What it Means for Taxpayers
