Budget 2024: Finance Minister Nirmala Sitharaman is set to unveil the Interim Budget on February 1.
Anticipating a revision in the income tax exemption limit, the middle class hopes for an increase from ₹2.5 lakh to ₹5 lakh.
The existing cap of ₹1.5 lakh for investment deductions under Section 80C, stagnant for over a decade, should be augmented to facilitate greater tax savings and encourage higher investments.
Under the existing provisions of Section 80C of the Income Tax Act, individuals can claim a deduction of up to ₹1.5 lakh
Archit Gupta, the Founder, and CEO of ClearTax suggests elevating the deduction limit under Section 80D for medical insurance premiums.