-Finance Minister Nirmala Sitharaman will present the Budget on July 23, 2024.
-There are expectations among people, especially the middle class, regarding the Budget.
-There may be announcements in the Budget that could provide relief to high-income earners, particularly those earning over 10 lakh rupees.
-Currently, individuals with an annual income of over 10 lakh rupees have to pay a 30% tax, but new proposals may provide relief to them.
-People with annual incomes up to 3 lakh rupees will not have to pay any tax.
-Those with incomes between 3-7 lakh rupees will have to pay a 5% tax, while those with incomes between 7-10 lakh rupees will have to pay a 10% tax.
-Those with incomes between 10-12 lakh rupees will have to pay a 15% tax.
-The proposal for changes in tax slabs aims to address the increasing inflation and maintain market balance.
-There may be changes in tax slabs for individuals earning up to 18 lakh rupees to reduce the burden of a 30% tax.