One crucial expectation is the potential increase in the standard deduction limit under the old income tax regime, currently standing at Rs 50,000.
Salaried individuals favor the old income tax regime due to the Rs 1.50 lakh deduction available under Section 80C.
Experts recommend raising the limit from Rs 25,000 to Rs 50,000 for individuals and from Rs 50,000 to at least Rs 75,000 for senior citizens.
Expectations include a practical doubling of the current deduction limit for house rent under Section 80GG, currently set at Rs 60,000 annually.
Anticipation is high for an increase in the income tax rebate to Rs 7.5 lakh, providing relief to middle-income taxpayers.
Homebuyers are seeking changes in Section 24(b), which currently caps the deduction for interest on home loans at Rs 2 lakhs.
Calls to reconsider the capped deduction under Sections 54 and 54F for capital gains are prominent.
While the new tax regime received additional benefits in the Union Budget for 2023-24, expectations are high for fresh waivers in the old tax regime.