PoliticsSowmiya Srirameditor@indiaherald.comhttps://www.indiaherald.com/ImageStore/images/politics/politics_latestnews/will-this-good-news-come-to-those-who-earn-up-to-rs-lakhs22074fa7-f99d-40f6-ba5f-ff86a9e37785-415x250-IndiaHerald.jpghttps://www.indiaherald.com/ImageStore/images/politics/politics_latestnews/will-this-good-news-come-to-those-who-earn-up-to-rs-lakhs22074fa7-f99d-40f6-ba5f-ff86a9e37785-415x250-IndiaHerald.jpgWhenever the budget is presented every year, the most discussed issue among people is tax exemption for individuals and salary earners. This year is no exception. Bankbazaar.com has analyzed how tax thresholds have been adjusted in the past to keep pace with inflation and how they should be adjusted.budget 2024{#}Good news;House;Parliament;central government;PopulationWill this good news come to those who earn up to Rs. 18 lakhs..?!Will this good news come to those who earn up to Rs. 18 lakhs..?!budget 2024{#}Good news;House;Parliament;central government;PopulationThu, 18 Jul 2024 20:46:00 GMTWill this good news come to those who earn up to Rs. 18 lakhs..?!

Whenever the budget is presented every year, the most discussed issue among people is tax exemption for individuals and salary earners. This year is no exception. Bankbazaar.com has analyzed how tax thresholds have been adjusted in the past to keep pace with inflation and how they should be adjusted. Accordingly, the limits of 20% and 30% as per the 2013-14 benchmark should be aligned with the old scheme. The price inflation index for 2013-14 is still in effect. The index which was 200 then is 363 for 2024-25. This is almost 81% higher. The index has risen significantly due to recent bullishness. Hence the limits under the old tax scheme should be revised accordingly immediately without delay thereby reducing the financial burden on the middle class people.
The deduction under section 80C is still Rs 1.5 lakh. This should be increased to Rs.2 lakh. 80D deduction should be raised to Rs 50,000 for others and Rs 1 lakh for senior citizens. Likewise, the exemption for home loan interest and principal installments should be kept separate and its limit should be increased to Rs.5 lakh. According to a study done by Bankbazaar, people are expecting income above Rs 18 lakh to be brought under 30% tax. Inflation has greatly reduced the value of income. The value of one rupee has become 55 paise due to inflation.
The value of Rs.10 lakh in 2013-14 has now become Rs.5.5 lakh. Its purchase price has almost halved. The loss due to inflation cannot be adjusted under the new tax plan. But it gives some concession to those earning up to Rs 15 lakh. However, those with higher incomes are not given inflation-adjusted benefits. The Union Budget for the financial year 2024-25 will be tabled in parliament on July 23. It is expected that many schemes will be announced in this budget and will help the economic growth of the country. With the increase in inflation, the income taxpayers are expecting the central government to provide corresponding incentives.





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Source: India Herald - Sowmiya Sriram]]>