Union Budget 2024-25 Expectations Live Updates: Allow Deduction Of Rs 50K For Life Insurance Annuity, Pension Products Under Income Tax

Union Budget 2024-25 Expectations Live Updates: While expectations are high on formation of New Income Tax Slabs that looks at lowering the tax bracket, there is high anticipation on items that will get costlier and cheaper. Check out.

New Delhi: Union Budget 2024-25 will be presented by Finance Minister Nirmala Sitharaman next week (23 July, 2024.), with all eyes glued to expected announcements from the FM that will have an impact on lives of all and sundry.

All Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. will also be available on the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. The App is bilingual (English & Hindi) and will be available on both Android and iOS platforms. The App can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Union Finance Minister in Parliament on 23rd July, 2024.

Will FM offer respite to the middle class and salaried individuals? Will there be relief on the HRA and home loan tax rebate front? This and more. Check Out The Key Expectations From FM Nirmala Sitharaman From Budget 2024.

22 July 2024

15:09 IST

Union Budget 2024 Expectations Live Updates: Tax Rebate Sought For Salaried Class

Dipesh Jain, Partner, Economic Laws Practice said that the salaried class should get respite on various personal taxation front. Among the basic asks were raising the limit of standard deduction, increasing rebate under 80C and hiking the tax slabs.

"It is expected that the standard deduction amount of INR 50K for salaried individuals would be increased. Tax rebate under section 80C should be increased from INR 1.5L to say INR 2L or 2.5L. Initial tax slabs with nil tax to increase under old and new tax regime to atlesst INR 5L from INR 2.5L and INR 3L, respectively," he said.

13:40 IST

Budget 2024 Expectations Live Updates: Reduce 18% Gst Rate On Essential Service Like Health Insurance

Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance has said that reducing the GST bracket of 18 percent on health insurance.

"Our sincere submission to government is to reduce the current 18% GST rate on essential service like Health Insurance. Further, specific segment considerations are also required especially for middle-income and senior citizen segments who are struggling to meet the rising healthcare costs. Lowering the GST burden on the health insurance premiums will be a huge respite for missing middle and senior citizens to get access to quality healthcare they need and help to significantly boost insurance penetration across India by driving affordability,”  he said