Income Tax Schedule 2024-2025 News Live: Many also want the tax refund limit to be increased to Rs 7.50,000 or even Rs 8,00,000 from the current Rs 7,00,000 under the new tax regime
Budget, Income Tax Schedule 2024-2025 Live: Finance Minister Nirmala Sitharaman will present the 2024 interim budget today. The interim budget, also known as a vote of account, is a temporary financial plan presented by the government when it does not have the time or authority to present a full budget. It also suggests that major changes to income tax policy are unlikely, but taxpayers still have some key expectations and aspirations.
Apart from the desire to increase the basic tax exemption limit from Rs 2.5 lakh to Rs 3.5 lakh, there are ongoing calls to simplify income tax rules and reduce complexity, especially in the new tax regime.
Some also want the tax refund limit under the new tax regime to be increased to Rs 750,000 or even Rs 800,000 from the current Rs 700,000. Now, taxable income up to that limit will be tax-free for individuals who elect the new regime.
What is income tax?
The term “income tax” refers to a direct tax levied by a government on the income generated by businesses and individuals within its jurisdiction. By law, individuals whose income exceeds a certain amount are obliged to file an income tax return annually. These taxes are a source of revenue for the government, which is used to fund public services and carry out government responsibilities.
Salaried employees are one of the major taxpayers in India. When it comes to budget, one thing these people are looking forward to the most is their income tax refund. The income tax table has remained unchanged since the basic personal exemption limits were last revised in 2014.
In Budget 2020, FM Sitharaman introduced a new tax regime but taxpayers still have options.
Some key expectations and predictions
Based on expert opinions and reports:
- Reduce tax burden
- tax structure reform
- Increase the minimum pension amount under APY
- Tax-free status of NPS annuity income
- Separate tax deduction for life insurance premiums
Women’s Income Tax Schedule 2023-24
In the 2023-24 fiscal year, the Indian government has increased the personal tax exemption limit for women to 1.45 lakh rupees.In addition, it also introduces Mahila Samman Savings Certificate Offers a unique savings opportunity with a fixed interest rate of 7.5% on deposits up to Rs 2 Lakh within a 2-year tenure, including partial withdrawal option.
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