The 2024 Union Budget has introduced several key highlights and reforms that directly impact salaried taxpayers in India.
Tax Reforms: The government has revised the tax slabs and rates, increasing the basic exemption limit and altering the tax rates to provide more disposable income for the middle class. Additionally, the standard deduction has been increased from ₹50,000 to ₹75,000, allowing salaried individuals to retain more of their earnings.
Simplified Tax Regime: The budget has introduced a simplified tax regime with fewer deductions to remember, making the filing process more streamlined and less prone to errors.
Investment Options: The 80C investment options have been expanded to include green bonds, encouraging taxpayers to save for the future while also contributing to sustainable initiatives.
Health and Education: The medical reimbursement cap has been increased, providing more flexibility to claim expenses for doctor visits and medicines. The education allowance has also been enhanced, offering more support for school fees and hostel expenses.
Housing: The interest deduction on home loans has been increased, making it more attractive for salaried individuals to invest in their own property. Additionally, the government has introduced more incentives for affordable housing to promote homeownership.
Retirement: The limit for tax-free provident fund contributions has been raised, and pension schemes have been made more attractive, helping salaried individuals plan for a secure financial future.
Digital Payments: The budget has provided incentives for digital transactions and simplified the procedures for digital receipts, encouraging the adoption of cashless payments.
Women and Working Mothers: Maternity benefits have been improved, and companies are being offered more incentives to increase female workforce participation, promoting gender diversity and empowering working mothers.
Overall, the 2024 Union Budget has introduced a comprehensive set of reforms and incentives that aim to provide relief, financial security, and opportunities for salaried taxpayers in India.
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by Success Gyan ב- medium.com 07-26-2024
https://medium.com/@successgyan/union-budget-2024-key-highlights-for-salaried-taxpayers-993cd7ea0d7cשאלות מעמיקות