Budget 2024: According to sources, the middle class may get some relief in the budget this time. Tax breaks may be announced for people with income up to Rs 12 lakh.

Budget 2024: Finance Minister Nirmala Sitharaman will present the General Budget 2024 on July 23. Everyone has certain expectations from the budget. The middle class, in particular, has been expecting tax breaks for a long time. According to sources, the middle class may get some relief in the budget this time. Tax breaks may be announced for people with incomes up to Rs 12 lakh.

Tax bracket changes possible

According to sources, tax rates may be reduced for people earning Rs 9-12 lakh. Currently, tax is levied at a rate of 15% in this slab. The government is planning to reduce this slab. A reduction in the tax slab is expected to be announced in the Budget.

If this announcement is made, the middle class will get a big boost. As the government already does not levy tax on incomes up to Rs 7.5 lakh. Although there was a demand that the middle class should get this relief as there has been no relief on income tax for the past few years. However, sources also say that all the changes regarding concessions will be in the new tax regime only.

Standard deduction may increase

Sources say that the tax slab in the budget may be changed or the standard deduction may be increased. Currently, taxpayers are getting the standard deduction up to Rs 50,000. However, all the preparations for the budget have already been done. The Halwa ceremony has also been done. The printing of the budget has begun. Let us tell you that the government is trying to promote the new tax regime.