In the next Budget 2024, the first for the third term of the PM Modi Government, Finance Minister Nirmala Sitharaman may raise the income tax exemption ceiling. According to news agency Reuters, the government is thinking of lowering income tax rates for particular categories of people, which could ease taxpayers in the first full-fledged Budget 2024 of Modi 3.0.
For people making ₹10 lakh or more annually, the government may also reduce income tax rates.According to Moneycontrol, which cited government officials, the Center intends to increase the income threshold from ₹3 lakh to ₹5 lakh in the budget before any tax is imposed. According to the report, this modification might only be applicable to people filing returns under the new tax law.
According to Mint, Aarti Raote, a partner at Deloitte India, stated: "Private taxpayers have historically received minimal tax benefits or incentives outside of the new tax framework. Therefore, a lot of people think that the government ought to increase the exemption slab rates for individuals to around ₹5 lakh this year."