With Union Budget 2024, just days away, individual taxpayers wish that Finance Minister Nirmala Sitharaman will fulfill some of their wishes.
As of right now, Section 80 CCE caps the annual deductions allowed under Sections 80C, 80CCC, and 80 CCD(1) at Rs 1.50 lakh. This limit was revised from Rs1 lakh in 2014.
Tax slabs have remained unchanged since 2014, burdening households with higher real tax rates each year. Sitharaman in 2023 tweaked rates for individuals opting for new regime.
The present tax law exempts only up to 60% of withdrawals from the NPS account at the time of closure of the account
Tax compliance can often be a cumbersome process for businesses and individuals alike. The 2024 Budget may addressby introducing measures to simplify the tax filing process.
There may soon be tax advantages for investments made in energy-efficient equipment, sustainable business practices, and renewable energy.