Budget 2024: Hike in exemption limit under new tax regime to Rs 5 lakh?:

As per News Sources, Hike in exemption limit under new tax regime to Rs 5 lakh is in charts in Budget 2024.

Hike in exemption limit in Budget 2024

CA Pratibha Goyal

Jun 18, 2024

Last update on Jun 18, 2024

Budget 2024: Hike in exemption limit under new tax regime to Rs 5 lakh?

The government is looking forward to improving GDPs growth to boost consumption especially for the middle class. As per government officials, the same might be done by providing relief in personal tax rates. As per news sources, the centre might hike the exemption limit under the new tax regime to Rs 5 lakh from Rs. 3 Lakh. However this relief is for New Tax Regime and not Old Tax Regime. However final decision will be made at time of budget presentation only. The potential benefit if the Slab Limit is hiked is explained by below given Image:

Increasing the Slab limit is a good move by the government. However, let's wait for the Budget, to see if it is implemented. The Union Budget 2024, is likely to be presented by our Finance Minister, Smt Nirmala Sitharaman on 22 July 2024.

About Author

CA Pratibha Goyal

Co Founder

CA Pratibha Goyal is Chartered Accountant qualified in 2016, is a Member of The Institute of Chartered Accountants of India having wide experience in the field of Auditing, Taxation, ROC, GST and Secretarial matters etc. She has written over a thousand articles & has made several videos on topics related to Auditing & Taxation. As a Speaker she has delivered various sessions on various branches of NIRC of ICAI.