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.