Tax Exemption: Salary up to Rs 10 lakh per year is exempt from taxes? Government employees may be excluded from certain budgetary requirements

Tax Exemption: Salary up to Rs 10 lakh per year is exempt from taxes? Government employees may be excluded from certain budgetary requirements

Tax Exemption: Salary up to Rs 10 lakh per year is exempt from taxes? Government employees may be excluded from certain budgetary requirements

Budget 2024: The Modi administration may include a sizable gift in the budget for those earning up to Rs 10 lakh a year. The last budget of the Modi government's second term will be presented by Nirmala Sitharaman since nationwide Lok Sabha elections will take place shortly after. Under such circumstances, the government may concentrate on leveraging its support base, particularly the middle class and salaried class.

Budget 2024: The Modi administration may include a sizable gift in the budget for those earning up to Rs 10 lakh a year. The last budget of the Modi government's second term will be presented by Nirmala Sitharaman since nationwide Lok Sabha elections will take place shortly after. Under such circumstances, the government may concentrate on leveraging its support base, particularly the middle class and salaried class. Tax savings is the salaried class's main source of stress. This time, it remains to be seen whether the government would raise the yearly tax exemption threshold for those earning Rs. 10 lakh in the budget.

Will the administration use the budget to provide employed people relief?

In the budget, the Indian government would provide aid to those who are employed. On February 1, 2024, Prime Minister Narendra Modi's current administration will deliver its last budget. Is it likely that the government would reveal significant changes to the pay class in the interim budget that will be unveiled on February 1, 2024? Though it's unclear whether the government would provide assistance to small taxpayers, Finance Minister Nirmala Sitharaman has said that no significant announcements will be made in the budget.

Currently, income of Rs 7 lakh is eligible for tax breaks.

Taxpayers are now free from paying taxes on income up to Rs 7 lakh per year. Piyush Goyal had already promised tax breaks for those with yearly incomes up to Rs 5 lakh in the 2019 interim budget. Even with a yearly income of Rs 6.5 lakh, tax burden was lowered to zero by fully using deductions and exclusions. Additionally, he had declared that the standard limit would rise by 25%. The standard deduction now stands at Rs 50,000 instead of Rs 40,000.

Will salaries up to Rs. 10 lakh be exempt from tax?

The general working public anticipates a rise in this budgetary cap. Salary Class anticipates that the budget would raise this cap from Rs 7 lakh to Rs 10 lakh. Therefore, up to Rs 10 lakh in yearly income, no tax would be due. Common working people will benefit greatly from this in terms of tax reduction and increased savings.