Union Budget 2024: Why Tax Relief for the Common Man is Essential – Expert Insights
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Experts suggest that the Union Budget 2024, the first under Modi 3.0, may prioritize tax cuts for lower-income individuals over traditional welfare programs. This strategy aims to increase disposable incomes, boost consumer spending, and stimulate broader economic growth.
Union Budget Tax Expectations: Every year before the Union Budget presentation, India’s middle class eagerly anticipates a reduction in income tax rates and an increase in disposable income. However, not all budgets have provided relief to taxpayers, especially the aam aadmi. Even the Interim Budget earlier this year, ahead of the Lok Sabha elections, offered minimal direct tax benefits to the common man.
As Budget 2024 approaches, taxpayers are eagerly awaiting updates on exemptions and deductions. The current government’s focus on the new tax structure with reduced exemptions and deductions has led individuals to reassess their expectations for potential changes in the upcoming budget.
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Certified Corporate Director | Doctorate in Business Administration & Finance | IIM Indore Alumnus | NDIM Certified PoSH Practitioner | LM-IOD |National Member of World Human Rights Protection Commission
7 个月Tax relief for the common man in India is not just a financial benefit for individuals but a strategic move to bolster the economy, promote equity, and ensure a stable and prosperous society.