Interim Budget 2024: Here’s the latest on income tax slabs and rates - Delhi
Monday, 22 July, 2024
Item details
City:
Delhi
Offer type:
Offer
Item description
Ashish Aggarwal, Director of Acube Ventures, said, “The Finance Minister’s decision to not tinker with personal income tax slabs and rates in the Interim Budget is understandable from a prudence perspective. With global headwinds still persisting, fiscal consolidation needs to be balanced against adequate capital expenditure to nurture growth.”
Tax slabs have remained unchanged for 11 years, and no alterations were anticipated for them in the Interim Budget. However, individuals in the category of captive tax-savers earning Rs 12 lakh or more might find reason to believe that the Budget could have provided additional benefits for them.
While the Budget speech references buoyant tax collections and stable GST implementation, that prosperity is yet to permeate to the middle class. “Aspects like a higher standard deduction, enhanced housing loan interest exemptions or a tweaking of 80C instruments would have provided some cushion. So, some disappointment in personal taxation among the salaried class is valid. One hopes that as the macro fundamentals stay on track, there is room for pragmatic concessions on individual tax burdens sooner rather than later. For consumption-led growth to sustain, leaving more money in the hands of the middle class pays economic dividends,” added Aggarwal.
Tax slabs have remained unchanged for 11 years, and no alterations were anticipated for them in the Interim Budget. However, individuals in the category of captive tax-savers earning Rs 12 lakh or more might find reason to believe that the Budget could have provided additional benefits for them.
While the Budget speech references buoyant tax collections and stable GST implementation, that prosperity is yet to permeate to the middle class. “Aspects like a higher standard deduction, enhanced housing loan interest exemptions or a tweaking of 80C instruments would have provided some cushion. So, some disappointment in personal taxation among the salaried class is valid. One hopes that as the macro fundamentals stay on track, there is room for pragmatic concessions on individual tax burdens sooner rather than later. For consumption-led growth to sustain, leaving more money in the hands of the middle class pays economic dividends,” added Aggarwal.
