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Budget 2024 Expectations Live: What do the middle class and businesses expect? We take a look…

Posted on by Vaseline

Expectations for the 2024 budget live: With the new government’s full Union Budget 2024 set to be announced on July 23, expectations are rising. The focus remains on possible tax reforms that could impact individuals and businesses. Key changes expected include an increase in the basic exemption limit. There is also speculation about increasing the standard deduction limit. We look at what India’s middle class and corporate class expect from Finance Minister Nirmala Sitharaman.

Jul 20, 2024, 11:48:07 AM IST

Budget 2024 expectations live: Sandeep Agrawal, Director and Co-Founder of Teamlease Regtech

Agrawal does not expect any significant “revisions” to the income tax regime in the upcoming Union Budget 2024, but anticipates announcements aimed at consolidating the tax system for stability and pushing through the implementation of the Direct Tax Code. Drawing parallels with the impact of the GST on indirect taxes, Agrawal expects the Direct Tax Code to simplify the tax structure and reduce the tax burden.
He advocates raising the IT caps to ease the tax burden on the middle class. He sees raising the rebate cap as a “strategic move” to encourage taxpayers to switch to the new regime.