Budget: What middle class taxpayers got from Interim Budget and what they didn't

economictimes.indiatimes.com:

Budget 2024: In the past few years, India's middle class taxpayers have routinely witnessed high pre-budget expectations turning into deep post-budget disappointment. This time, however, some analysts reckon that there appears to be a more realistic chance of budget sops for taxpayers because of the relatively weak mandate that Modi govt got, which apparently underlined the discontent among some key voter groups including the urban middle class.

The interim budget tabled by FM Nirmala Sitharaman ahead of the 2024 general elections did not have any significant announcement on tax matters. There, however, were a few initiatives aimed at the common man in areas such as healthcare, housing and power.

Here is a look at some of the important Interim Budget announcements in areas that have a direct bearing on the common man.

Income Tax

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The tax rates remain unchanged under both the new default tax regime and the old tax regime. Currently, the basic exemption limits are Rs 3 lakh under the new regime and Rs 2.5 lakh under the old regime. Incomes above Rs 15 lakh in the new regime and Rs 10 lakh in the old regime are taxed at the highest rate. The Interim Budget did not propose any changes to the