News & Media 25th Jun 2024

Budget 2024 expectations: Will the government increase Section 80C limit

Authors

Mitesh Jain Partner | Mumbai

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Section 80C remains a popular tax-saving avenue among taxpayers in the old tax regime, having been introduced in 2014 by then finance minister Arun Jaitley. Finance Minister Nirmala Sitharaman is expected to present the Budget for 2024 on July 23 or 24, with experts suggesting that the government may look to provide tax relief in a bid to boost consumption.

The government is likely to increase the tax exemption threshold under the new tax regime from Rs 3 lakh to Rs 5 lakh in the upcoming budget, according to media reports. There are also chances that tax slabs under the old income tax regime may also be rationalised. These measures may be implemented aimed at offering tax relief to certain taxpayers and boosting middle-class consumption to further support GDP growth.

Against this backdrop, Our Partner, Mitesh Jain has been quoted in an article, “Budget 2024 expectations: Will the government increase Section 80C limit” written by Sonu Vivek published in India Today.

Read his detailed comment here