Income Tax Budget 2024 Expectations: Changes to the old and new income tax regimes are expected in the upcoming budget. Finance Minister Nirmala Sitharaman will present her seventh Budget on July 23. This would be the first full budget of Modi 3.0. Nirmala Sitharaman will be the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai’s record of six successive presentations.
Budget 2024: Expectations from FM Sitharaman in the old and new tax regimes
Clear founder and CEO Archit Gupta suggests that with the increasing focus on environmental sustainability, reintroducing deductions under section 80EEB in both tax regimes could significantly encourage taxpayers. This provision allows for a deduction of up to ₹1.5 lakh on the interest paid on loans taken for purchasing electric vehicles.
