Taxpayers are hoping for 4 types of tax deductions, may be announced on February 1

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Union Budget 2024: Nirmala Sitharaman will present the Budget 2024 on February 1. With just a few days left for the final budget to be presented, he has already made it clear that there will be no major changes in the budget this year. However, people have little hope for tax relief.

Change in maximum tax limit

Currently, as per Section 80CCI, the maximum limit available under Sections 80C, 80CCC and 80 CCD(1) per annum is Rs. 1.50 lakhs. In 2014 Rs. 1.50 lakh by revising this limit to Rs. 1 lakh was made. In such a situation, it is expected that Rs. 2.50 lakhs can be done.

Changes in tax slabs

Under the old tax regime of the year 2014, there was no change in the tax slabs, due to which the tax burden on the people is increasing. In such a case, there is hope of a change in the tax slab.

Existing tax slabs as per old tax system

- No tax on income up to 3 lakhs

- 5 percent tax will be levied on income up to 3-6 lakh rupees

- 10 percent tax will be levied on income up to 6-9 lakh rupees

- 15 percent interest on income of Rs 9-12 lakh

- 20 percent interest on income of Rs 12-15 lakh

- 30 percent tax on income of 15 lakhs and above

Demand for tax relief to NPS

Currently withdrawals up to 60 per cent from NPS are tax-free. On maturity, withdrawal of up to 60 percent of the amount is permitted. An annuity is taken from the remaining 40 percent of the amount. which comes under tax. In such a situation, it is demanded to be brought under tax exemption.

Hope for tax relaxation on home loan too

Under Section 80C of the Income Tax Act, repayment of principal amount of home loan for residential building from taxable income of Rs. A deduction of up to 1.5 lakhs is allowed. However, this deduction can be taken under any other scheme including life insurance scheme, government scheme and others. In such a situation, it is expected that a separate tax exemption for home loan repayment may be introduced to provide relief to people.


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