**Shocking Update: Will Finance Minister Nirmala Sitharaman Raise the Income Tax Exemption Limit in Budget 2024?**

Finance Minister Nirmala Sitharaman is expected to increase the income tax exemption limit in the upcoming Budget 2024, marking the first budget for the third term of the PM Modi Government. According to a report by Reuters, the comprehensive Budget 2024 for Modi 3.0 may provide relief to taxpayers, as the government is considering reducing income tax rates for certain groups of individuals.

The government is also considering lowering income tax rates for individuals with annual incomes of ?10 lakh.

According to Money control, government officials have indicated that the Centre intends to increase the income threshold for tax exemption from ?3 lakh to ?5 lakh in the upcoming budget. This adjustment may be applicable solely to individuals filing returns under the new tax regime, as stated in the report.

According to Mint, Aarti Raote, Partner at Deloitte India, mentioned that in recent years, few tax breaks or incentives have been provided to individual taxpayers, except under the new tax regime. Therefore, many are of the opinion that the government should raise the exemption slab rates for individuals to around ?5 lakh this year.