Budget 2024: Taxpayers expectations Finance Minister Nirmala Sitharaman will present the Union Budget in the Parliament on February 1, 2024,. It will be an interim budget because this is an election year. The government is expected by middle-class taxpayers to maintain tax stability and rationalization. The government's expenses are covered by the interim budget, which is a short-term financial plan, until elections are held and a new government takes office. The whole budget will be presented by the incoming administration following the Lok Sabha elections. There might be potential changes to the tax regime in order to encourage more taxpayers to choose the new tax system. The government may reduce tax rates and increase the basic threshold for income that is exempt from tax. This would provide relief to middle-class taxpayers. Many tax deductions and exemptions are not available under the new tax regime. To address this, it proposes increasing the standard deduction limit to ac...
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