On July 23, Nirmala Sitharaman will make history by presenting her seventh consecutive budget as the Union Finance Minister. This surpasses Morarji Desai’s record and marks a pivotal moment as the first major policy document of the new government. The budget is expected to revive India’s goal of becoming the third-largest economy by 2027 and a developed economy by 2047, with a focus on impactful changes to personal income tax.
Income Tax Reforms: The current income tax slabs and rates have remained unchanged, causing dissatisfaction among the middle class. A complete overhaul is needed to reduce the burden and align with global standards.
Deduction Revisions: Sections like 80C, 80CCD, 80D, 80EEA, and 80TTA require upward revisions to incentivize investment and affordability.
Allowance Revisit: The outdated allowances like HRA and special allowances need to be revised to reflect current living conditions.
Overall, the budget holds the promise of reshaping the tax landscape and fostering economic growth for a prosperous future.
Published 14th July 2024, 23:53 IST