Income Tax Budget 2024 Live Updates: Will there be any relief for taxpayers?

Income Tax Budget 2024 Live: Here’s a look at the existing old income tax slabs

1) Income up to ₹2.5- Nil tax

2) Income between ₹2.5 to ₹5 lakh- 5% tax

3) ₹5 lakh to ₹10 lakh- 20% tax

4) Income above ₹10 lakh- 30% tax

Income Tax Budget 2024 Live: Here’s a look at the existing new income tax slabs

1) Income up to ₹3 lakh- Nil tax

2)Income between ₹3-6- 5% tax (tax rebate under Section 87A is available)

3)Income between ₹6-9 lakh- 10% tax(tax rebate under Section 87A up to ₹7 lakh is available)

4)Income between ₹9-12 lakh- 15% tax

5)Income between ₹12-15 lakh- 20% tax

6)Income of ₹15 lakh and above will be taxed at 30 per cent.

Income Tax Budget 2024 Live: Four income tax benefits you could expect from Finance Minister Nirmala Sitharaman

Here are income tax benefit expectations from Budget 2024

1)80D deduction limit

2)Ease TDS compliance for home buyers

3)Simplification of capital gains taxation

4)Bengaluru to be considered a metro city for HRA exemption

Income Tax Budget 2024 Live: Where to watch Budget live streaming?

The Union Budget will be announced on February 1 at 11 am. Nirmala Sitharaman’s budget speech can be seen on Doordarshan (DD) News as well as the YouTube channel and website of the Press Information Bureau (PIB). You can also follow Livemint’s live blog to get real-time updates.

Income Tax Budget 2024 Live: CEO of Tax2win on how FM can make the new tax regime attractive

“With budget 2024, salaried individuals are hoping for an increase in the basic exemption limit under both the new and old tax regimes and they are also viewing an increase in the limit of standard deduction under both the tax regimes. They are also expecting HRA exemption, and health insurance premium deduction under the new regime too,” said Abhishek Soni, CEO and Co-founder of Tax2win.

Income Tax Budget 2024 Live: We expect some positive relief on personal income taxes, says personal finance expert

Swati Saxena, Founder & CEO – 4thoughtsfinance, a wealth management firm

While no big-bang announcements are expected in the interim Budget, we expect some positive relief on personal income taxes. We hope that the maximum tax rate of 30 percent be reduced to improve the individual’s buying power. The budget should offer a degree of personal tax relief, either by way of lower tax rates or by readjusting tax slabs to put money in consumer’s pockets.

Income Tax Budget 2024 Live: Five changes in income tax rules that the middle class seeks from FM Nirmala Sitharaman

The middle class is eagerly awaiting some income tax reforms that would enable them to curtail their tax outgo. The middle class is expecting that there will be a rise in some tax exemption limits available under various sections like, Section 80C, and Section 80D.