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As per reports, the government is considering increasing the tax exemption limit to Rs 25,000.
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This union budget, there is a demand to reduce the tax burden and rather give more tax exemptions to those who take health insurance.
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If the NDA government increases the limit of the standard deduction in Union Budget 2024, it will increase the disposable income of salaried individuals, leading to an increase in spending. Increased spending will accelerate economic activities.
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Registering on the Income Tax e-Filing portal and filing returns promptly ensures tax law compliance and offers benefits like refunds and financial transparency
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It is expected that the budget might take steps to boost spending, including cuts in tax rates
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The government is considering measures exceeding ₹50,000 crore in the upcoming budget to boost spending. This includes cuts in tax rates for low-income earners.
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BBPS is an RBI initiative and is run by National Payments Corporation of India. It serves as a one-stop ecosystem for all types of bill payments.
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As the demand for loans is increasing rapidly in the country, there is no corresponding increase in deposits. This is causing difficulties for banks in lending funds, hence the demand for tax breaks on intererst income.
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To boost consumption, income tax rates could be reduced. The aim is to benefit lower income groups, whether salaried individuals or small business owners.
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If you are a salaried individual, it's beneficial to wait a little before filing your returns as updated AIS and 26AS would be uploaded on the site
