Budget 2024: From minor tax sops to enhanced exemption limits, here's what financial experts expect

Sujit Bangar, Founder, taxbuddy.com, presents a more elaborate approach. Bangar shares, “Firstly, most of the taxpayers are favouring old tax rate regime. The two tax regimes are creating confusion in the minds of return-filing taxpayers. It shall be better if we keep a single tax rate regime instead of two."

Adding how healthcare costs are eating into the common man’s savings, Bangar voices in favour of increasing the deduction limit available in health insurance schemes. He adds, “The deduction available under Section 80D may be enhanced to ₹75000 from existing ₹25,000 to promote health insurance given rising health care costs."

Explaining the need to include separate deductions towards the money spent on children’s education, Bangar explained, “Deduction against school fees may be de-coupled from Section 80C and separate deduction may be offered for this purpose. It shall further boost the spending on school education. Fees other than tuition fees may also be included for this deduction." He also seeks enhanced deduction against self-occupied house property to ₹3,00,000 since the annual lettable value has also increased.

Source Link: https://www.livemint.com/money/personal-finance/budget-2024-from-minor-tax-sops-to-enhanced-exemption-limits-heres-what-financial-experts-expect/amp-11702554715884.html

Website Link: https://www.taxbuddy.com/


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