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Budget 2024
News Articles

Budget 2024: Nirmala Sitharaman outlines measures benefiting the middle class in 2023.

The Budget for the fiscal year 2023-24, unveiled on February 1, 2023, by Finance Minister Nirmala Sitharaman, ushered in numerous modifications geared towards benefiting the middle class. Let’s delve into the key declarations in the Budget for 2023-24, all aimed at favorably impacting the middle-income demographic.

Budget 2024, Tax Adjustments

In the new tax structure, the rebate threshold for personal income tax witnessed an elevation from ₹5 lakh to ₹7 lakh. Consequently, individuals earning up to ₹7 lakh annually are exempt from paying income tax.

Budget 2024, Tax Slabs

The new tax regime streamlined the tax structure by reducing the number of slabs from six to five, coupled with significant reductions in tax rates. Individuals with an annual income of ₹0–3 lakh are now exempt from tax, while those in the ₹3-5 lakh bracket face a five percent tax rate. The tax rates further stand at 10 percent for incomes between ₹6–9 lakh and 20 percent for those falling within the ₹12–15 lakh range.

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Budget 2024, Standard Deduction

Salaried professionals and pensioners witnessed a bump in the standard deduction, increased from ₹50,000 to ₹52,500.

Budget 2024, Investment Limit for Section 80C Deductions

The limit for investments in tax-saving instruments under Section 80C of the Income Tax Act saw an uptick, rising from Rs. 1.5 lakh to Rs. 2.5 lakh.

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Budget 2024, Education

The Budget for 2023-24 allocated additional funds towards education, encompassing provisions for scholarships and financial support for educational institutions.

Budget 2024, Housing

Various measures were introduced in the Budget to stimulate affordable housing, inclusive of heightened tax benefits for both developers and homebuyers.

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