Top 8 Wishes of Individual Taxpayers for Budget 2024
By Priyanka Roshan, July 23, 2024
Anticipation for revised income tax slab rates to ease the tax burden and increase disposable income.
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Hopes for a higher Section 80C deduction limit, currently at ₹1.5 lakh, to allow greater deductions for investments.
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Expectations for simplified and reduced tax rates in the new tax regime to make it more appealing.
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A desired increase in the basic exemption limit to make more income tax-free, benefiting the middle class.
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Anticipation for a rise in the standard deduction to reduce taxable income and offer more relief.
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Expectation of expanded deductions on housing loans to ease financial strain on homeowners.
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A hoped-for increase in the Section 80TTA limit for savings account interest deductions.
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Anticipated revisions to House Rent Allowance (HRA) tax exemption rules for better support of renters.
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