Top 8 Wishes of Individual Taxpayers for Budget 2024

By Priyanka Roshan, July 23, 2024

Revision of Income Tax Slabs

Anticipation for revised income tax slab rates to ease the tax burden and increase disposable income.

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Increased Section 80C Deduction Limits

Hopes for a higher Section 80C deduction limit, currently at ₹1.5 lakh, to allow greater deductions for investments.

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More Relief in the New Tax Regime

Expectations for simplified and reduced tax rates in the new tax regime to make it more appealing.

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Hike in Basic Exemption Limit

A desired increase in the basic exemption limit to make more income tax-free, benefiting the middle class.

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Increase in Standard Deduction

Anticipation for a rise in the standard deduction to reduce taxable income and offer more relief.

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Enhanced Housing Loan Deductions

Expectation of expanded deductions on housing loans to ease financial strain on homeowners.

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Hike in Section 80TTA Limit for Bank Interest

A hoped-for increase in the Section 80TTA limit for savings account interest deductions.

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Changes in HRA Tax Exemption Rules

Anticipated revisions to House Rent Allowance (HRA) tax exemption rules for better support of renters.

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