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Given that taxes are expected to increase, taxpayers may be in for a pleasant surprise in the 2024 budget

<p><strong>Budget 2024:</strong> According to media sources, the interim budget, which is scheduled to be presented in the Lok Sabha on February 1, may increase the tax refund under the new income tax band from the current Rs 7 lakh to Rs 7.5 lakh. If implemented, the change would suggest that starting in 2024–2025, individuals earning up to Rs 7.5 lakh annually—after a statutory deduction of Rs 50,000—would not be required to pay income tax. The sources state that in order to enact the modifications, Finance Minister Nirmala Sitharaman may draft a Finance Bill.</p>
<p><img decoding=”async” class=”alignnone wp-image-342528″ src=”×422.jpg” alt=” given that taxes are expected to increase taxpayers may be in for a pleasant surpr” width=”841″ height=”473″ title=”Given that taxes are expected to increase, taxpayers may be in for a pleasant surprise in the 2024 budget 9″ srcset=”×422.jpg 750w,×576.jpg 1024w,×432.jpg 768w,×864.jpg 1536w,×220.jpg 390w,×84.jpg 150w, 1600w” sizes=”(max-width: 841px) 100vw, 841px” /></p>
<p>The Narendra Modi administration increased the refund under the new income tax regime from Rs 5 lakh to Rs 7 lakh in the Union Budget 2023. Additionally, the basic exemption amount was increased to Rs 3 lakh from Rs 2.5 lakh previously. Additionally, the government implemented a Rs. 15,000 deduction for the family pension.</p>
<p>What had occurred the year before?<br />
The income tax slabs were reportedly lowered from seven to six in order to simplify the regulations governing personal income taxes.</p>
<p>A record 81.8 million income tax returns (ITRs) were filed for the assessment year 2023–24 until December 31, according to a previous media source. This number was 9% more than the 75.1 million ITRs filed during the same period in 2022–23.</p>
<p>The Center has made it a priority to increase tax revenue while lowering individual taxpayer burdens. The media source claims that for the April–November 2023 period, tax revenue climbed by 14.7%, above the budget projection of 10.45% for indirect taxes and 10.5% for direct taxes.</p>
<p>The head of the Pension Fund Regulatory and Development Authority, Deepak Mohanty, was reported by the news agency PTI as stating that the organization has suggested that employer payments to the National Pension Scheme up to 12% be free from income tax.</p>

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