Finance Minister Nirmala Sitharaman is expected to introduce incremental tax measures in the upcoming full budget, slated for later this month. Sources suggest that the new income tax regime may see enhancements, particularly benefiting taxpayers earning between Rs 10-15 lakh, possibly through slight adjustments in tax slabs for this income bracket.
Additionally, reports indicate that the government may raise the exemption limit under the new tax regime from Rs 3 lakh to Rs 5 lakh, which would benefit salaried taxpayers and boost consumption.
There are also hints that the government could make incremental adjustments to the old income tax regime, such as increasing the Section 80C limit. However, experts are cautious about expecting significant relief under the old tax regime, as the government aims to incentivize more taxpayers to transition to the new tax regime.
