Budget 2024: What to expect on the personal taxation front?
Union Budget 2024: Gita is your average software professional with a keen interest in following the daily trends of Indian economy to understand its impact – be it in the rise in prices of fruits or that of the stock market. She tends to connect the trends with RBI rates or FDI announcements. With upcoming year-end holidays, she is all geared up to appreciate the changes impacting her salary and plan for her new home in the next financial year.
Gita is not an exception to look up to the Budget. Given that General Elections are just a few months away, the Budget may not be a full-fledged one but she knows it will certainly not be a one pager!
The previous year tax amendments tried to bring the new regime somewhat on par with the old regime and given the limited avenues for savings, Gita opted for the new regime. This resulted in a better take-home pay for her. While her expat friends have shared about the update on Tax Collected at Source on overseas remittances (though their salary is already subject to India taxation), and positive changes in the taxable value of rent-free accommodation provided by the employer company, Gita is optimistic that the Budget will have more personal tax breaks as there were only framework changes thus far in the past few years.
Recently, RBI has enhanced UPI payment limits to INR 500,000 (five times higher than the existing one) for educational and health care purposes. At the same time, to sustain new home sales, the repo rates have remained unchanged.
Also Read: National Pension System: Tax benefits of investing in NPS
With the intention to provide an impetus to the real estate sector, RBI may maintain their stand of not changing the policy on repo rates. In addition, benefits such as
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