Budget 2024 may bring pleasant surprise for taxpayers as tax regime likely to be hiked: Reports

Budget 2024: The interim budget, to be tabled in Lok Sabha on February 1, may raise the tax rebate under the new income tax slab to Rs 7.5 lakh from Rs 7 lakh prevalent as of now, according to media reports. The move, if made, will imply that people with an income of Rs 7.5 lakh per annum, after a standard deduction of Rs 50,000, will be exempted from paying income tax from 2024-25. According to the reports, Finance Minister Nirmala Sitharaman may introduce a Finance Bill to enforce the changes.

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