{"id":10173,"date":"2024-08-12T04:30:57","date_gmt":"2024-08-12T04:30:57","guid":{"rendered":"https:\/\/www.gigroupholding.com\/india\/the-future-of-work-exploring-trends-in-hr-industry-for-2024-2\/"},"modified":"2024-08-12T11:06:28","modified_gmt":"2024-08-12T11:06:28","slug":"budget-2024-7-income-tax-benefits-you-could-expect-from-finance-minister","status":"publish","type":"post","link":"https:\/\/www.gigroupholding.com\/india\/budget-2024-7-income-tax-benefits-you-could-expect-from-finance-minister\/","title":{"rendered":"Budget 2024: 7 Income Tax Benefits you could expect from Finance Minister"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10173\" class=\"elementor elementor-10173\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-996e1b5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"996e1b5\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fda6e0b\" data-id=\"fda6e0b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-779a022 elementor-widget elementor-widget-heading\" data-id=\"779a022\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">News -  People Matters <\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f10824f elementor-widget elementor-widget-spacer\" data-id=\"f10824f\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5d540a elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"d5d540a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-small\"><span style=\"font-size: 100px;text-align: center\">Budget 2024: 7 Income Tax Benefits you could expect from Finance Minister<\/span><\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c173ab elementor-widget elementor-widget-spacer\" data-id=\"7c173ab\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b959a4 max-width-940 elementor-widget elementor-widget-heading\" data-id=\"8b959a4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\"><p style=\"text-align:justify\"><span style=\"font-family: Lato, sans-serif;font-size: 20px;font-style: normal;font-weight: 300;letter-spacing: normal;text-align: justify;text-indent: 0px;text-transform: none;float: none\">Budget 2024: Income taxpayers are hoping for some relief from Finance Minister Nirmala Sitharaman<\/span><br><\/p><\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3c9c2d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c9c2d6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8175157\" data-id=\"8175157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5f068e5 elementor-widget elementor-widget-image\" data-id=\"5f068e5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"338\" src=\"https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/2-0-1138170138-693227436-0_1679695376564_1721280165164-1.webp\" class=\"attachment-medium_large size-medium_large wp-image-10186\" alt=\"\" srcset=\"https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/2-0-1138170138-693227436-0_1679695376564_1721280165164-1.webp 600w, https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/2-0-1138170138-693227436-0_1679695376564_1721280165164-1-300x169.webp 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-932d7a7 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"932d7a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div style=\"font-family: Inter, sans-serif;padding: 0px;margin: 0px;list-style-type: none;border: 0px;color: #000000;font-size: medium\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\"><span style=\"font-weight: 600;padding: 0px;margin: 0px;list-style-type: none;border: 0px\">Income tax benefits from Budget 2024:\u00a0<\/span>As the date of July 23rd draws near, expectations for Budget 2024 are reaching a fever pitch, centered around Finance Minister Nirmala Sitharaman&#8217;s upcoming presentation. Expectations include a potential hike in standard deduction, relief in income tax rates, and an increase in Section 80C exemptions from Finance Minister Nirmala Sitharaman. Tax experts anticipate adjustments to income tax slab rates, which have seen limited revisions for some time. They suggest that the Finance Minister might announce tax reductions in the Modi 3.0 government&#8217;s first budget.<\/p><\/div><div style=\"font-family: Inter, sans-serif;padding: 0px;margin: 0px;list-style-type: none;border: 0px;color: #000000;font-size: medium\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Livemint spoke to income tax experts to gauge taxpayer and expert expectations ahead of Budget 2024.<\/p><\/div><div style=\"font-family: Inter, sans-serif;padding: 0px;margin: 0px;list-style-type: none;border: 0px;color: #000000;font-size: medium\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">Standard deduction<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">The\u00a0<a style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px;cursor: pointer;color: #1800ee\" href=\"https:\/\/www.livemint.com\/money\/personal-finance\/budget-2024-can-fm-nirmala-sitharaman-relieve-salaried-class-by-raising-standard-deduction-limit-11720163546753.html\" target=\"_blank\" rel=\"noopener\">standard deduction<\/a>\u00a0was first introduced at\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>40,000 in the 2018 budget and subsequently raised to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>50,000 in the 2019 budget. The deduction amount has not changed since then.<\/p><\/div><div style=\"font-family: Inter, sans-serif;padding: 0px;margin: 0px;list-style-type: none;border: 0px;color: #000000;font-size: medium\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">&#8220;The current deduction of\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>50,000 could moderately increase to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>60,000 or possibly\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>70,000, which salaried employees would welcome as it lowers their taxable income,&#8221; said Ashish Aggarwal, Director at Acube Ventures.<\/p><\/div><div style=\"font-family: Inter, sans-serif;padding: 0px;margin: 0px;list-style-type: none;border: 0px;color: #000000;font-size: medium\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">Section 80C exemption<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Salaried persons can use\u00a0<a style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px;cursor: pointer;color: #1800ee\" href=\"https:\/\/www.livemint.com\/money\/personal-finance\/budget-2024-why-there-is-an-urgent-need-to-hike-section-80c-deduction-ceiling-for-income-tax-benefits-11705565029912.html\" target=\"_blank\" rel=\"noopener\">Section 80C exemptions<\/a>\u00a0to reduce their taxable income by\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>1.5 lakh in a fiscal year.<\/p><\/div><div style=\"font-family: Inter, sans-serif;padding: 0px;margin: 0px;list-style-type: none;border: 0px;color: #000000;font-size: medium\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Archit Gupta, Founder and CEO of ClearTax, emphasised revising the Section 80C limit, which has remained unchanged since 2014 despite escalating inflation rates. Such a revision, he noted, would aid taxpayers in managing inflation and encourage savings and investments in essential financial instruments such as ELSS, tax saver FDs, and PPF. This aligns with the broader goal of fostering a financially resilient and prosperous India.<\/p><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">Increase income tax exemption limit<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Various media reports indicated that the Centre plans to increase the income threshold before imposing any tax from\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>3 lakh to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>5 lakh in the upcoming budget. This adjustment will specifically affect taxpayers filing under the new tax regime.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">&#8220;If the hike in income tax exemption to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>5 lakh is implemented, it would mean that individuals with an annual income of up to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>8.5 lakh could potentially pay no\u00a0<a style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px;cursor: pointer;color: #1800ee\" href=\"https:\/\/www.livemint.com\/money\/personal-finance\/budget-2024-will-finance-minister-nirmala-sitharaman-increase-income-tax-exemption-limit-section-80-c-ppf-modi-govt-11718786454585.html\" target=\"_blank\" rel=\"noopener\">income tax.<\/a>\u00a0This calculation considers the standard deduction and the rebate under section 87A, assuming it remains unchanged,&#8221; said &#8211; Gaurav Gunjan, Partner at Gupta Sachdeva &amp; Co., Chartered Accountants.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u201cWe have high expectations for significant tax reforms in Budget 2024. Anticipated changes include revised income tax slabs to increase disposable income and stimulate consumer spending by raising the basic exemption limit and adjusting thresholds for higher tax rates,&#8221; said Kuljeet Singh, Director of finance and Accounts, Gi Group Holding India.\u00a0<\/p><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">NPS<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Personal finance experts are increasingly calling for significant changes to the\u00a0<a style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px;cursor: pointer;color: #1800ee\" href=\"https:\/\/www.livemint.com\/money\/personal-finance\/budget-2024-8-changes-salaried-taxpayers-want-in-national-pension-system-nps-from-nirmala-sitharaman-income-tax-benefits-11720669033587.html\" target=\"_blank\" rel=\"noopener\">National Pension System (NPS)<\/a>, such as raising the additional income tax deduction limit under Sec 80CCD 1B. There is also a push to increase the tax-free withdrawal limit upon maturity, bringing it in line with other retirement savings schemes like EPF.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Abhishekh Soni, CEO and Co-founder of Tax2win, supports enhanced tax benefits, advocating for potential increases in contribution limits and improved withdrawal flexibility within the NPS framework.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\"><span style=\"font-size: 22px;font-weight: 600\">Tax rate reductions<\/span><\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">&#8220;Despite the changes introduced in Budget 2023 to incentivize taxpayers to switch to the new tax regime, the adoption rate has not met expectations,&#8221; remarked Divya Baweja, Partner at Deloitte India.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Baweja further suggested, &#8220;The government is anticipated to consider lowering the top tax rate from 30% to 25% within the new tax regime.&#8221;<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Additionally, she noted, &#8220;There is also speculation that the government might raise the threshold for the highest tax rate from\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>10 lakh to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>20 lakh under the old tax regime.&#8221;<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">As per Gaurav Gunjan, revised tax slabs under thenew regime (assumed):<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u2022 The exemption limit is\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>5 lakh.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u2022 Taxable income between\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>5 lakh to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>6 lakh is taxed at 5%.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u2022 Taxable income between\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>6 lakh to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>9 lakh is taxed at 10%.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u2022 Taxable income between\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>9 lakh to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>12 lakh is taxed at 15%.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u2022 Taxable income between\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>12 lakh to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>15 lakh is taxed at 20%.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">\u2022 Taxable income above\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>15 lakh is taxed at 30%\u201d<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">House Rent Allowance (HRA)<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Abhishek Jain, a partner at Kailash Chand Jain &amp; Co., highlighted the need for increased\u00a0<a style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px;cursor: pointer;color: #1800ee\" href=\"https:\/\/www.livemint.com\/money\/personal-finance\/income-tax-budget-2024-expectations-5-things-salaried-taxpayers-want-from-fm-nirmala-sitharaman-standard-deduction-nps-11720677132404.html\" target=\"_blank\" rel=\"noopener\">House Rent Allowance (HRA)<\/a>\u00a0exemptions to mitigate the impact of escalating rental expenses, especially in urban areas. This adjustment would lower taxable income and enhance affordability for individuals residing in rented properties.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">Increase in the deduction limit for medical insurance premiums<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">Due to rising healthcare costs, there&#8217;s an expectation for an increase in the deduction limit for medical insurance premiums under section 80D of the Income Tax Act of 1961. Archit Gupta suggested that the current limits of\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>25,000 for individuals and\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>50,000 for senior citizens may be raised in the upcoming budget to\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>50,000 for individuals and\u00a0<span style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\">\u20b9<\/span>75,000 for senior citizens. Extending these benefits to the new tax regime would promote equal healthcare access and encourage greater adoption of health insurance.<\/p><\/div><div style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px\"><h2 style=\"font-family: Inter, sans-serif;font-weight: 600;padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;overflow: hidden;color: #000000;font-size: 22px;line-height: 32px\">Budget 2024: Finance Minister Sitharaman to present seventh budget in a row on July 23<\/h2><p style=\"padding: 0px;margin-right: 0px;margin-bottom: 24px;margin-left: 0px;list-style-type: none;border: 0px;font-size: 18px;line-height: 28px\">The<a style=\"padding: 0px;margin: 0px;list-style-type: none;border: 0px;cursor: pointer;color: #1800ee\" href=\"https:\/\/www.livemint.com\/budget\" target=\"_blank\" rel=\"noopener\">\u00a0Union Budget for 2024-25\u00a0<\/a>will be presented in Parliament on July 23. This will be Finance Minister Nirmala Sitharaman&#8217;s seventh consecutive budget.<\/p><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da3a252 elementor-widget elementor-widget-text-editor\" data-id=\"da3a252\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><strong>About Gi Group Holding<\/strong><\/h3><p>Headquartered in Milan, and with over 6000 employees, Gi Group Holding is active in more than 100 countries<span data-ccp-parastyle=\"[Paragrafo base]\">, thanks to its direct presence and strategic partnerships<\/span><span data-ccp-parastyle=\"[Paragrafo base]\">. Through its key brands, the company provides a full and comprehensive suite of <\/span><span data-ccp-parastyle=\"[Paragrafo base]\">recruitment and <\/span><span data-ccp-parastyle=\"[Paragrafo base]\">HR <\/span><span data-ccp-parastyle=\"[Paragrafo base]\">solutions to more than 20,000 companies worldwide, generating revenues of \u20ac3.<\/span><span data-ccp-parastyle=\"[Paragrafo base]\">2<\/span><span data-ccp-parastyle=\"[Paragrafo base]\"> billion*,<\/span><span data-contrast=\"none\">\u00a0and making it both the 5th largest recruitment and HR Services company in Europe, and the 16th largest worldwide.<\/span><span data-ccp-props=\"{\">\u00a0<\/span><\/p><p><span data-ccp-parastyle=\"[Paragrafo base]\">Gi Group Holding is uniquely committed to the creation of social and economic value for both employers and candidates alike. Called \u201cMore than Work\u201d, the Group\u2019s aims are two-fold: firstly, to ensure that employees experience enjoyable and life-changing work environments; and secondly, to enable a sustainable, streamlined, and harmonious labour market for employers and employees alike\u2014one that reflects the ever-changing needs of candidates and companies. <\/span><span data-ccp-charstyle=\"Hyperlink\">gigroupholding.com<\/span><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-97d2f4c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97d2f4c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a25e3d5\" data-id=\"a25e3d5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-226ee02 elementor-widget elementor-widget-spacer\" data-id=\"226ee02\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Gi Group, one of the world\u2019s largest HR solutions and staffing companies, is celebrating after being crowned \u201cRecruitment Team of the Year\u201d at the prestigious REC Awards 2022.<\/p>\n","protected":false},"author":65,"featured_media":7796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-10173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Budget 2024: 7 Income Tax Benefits you could expect from Finance Minister - Gi Group Holding India<\/title>\n<meta name=\"description\" content=\"Budget 2024: Income taxpayers are hoping for some relief from Finance Minister Nirmala Sitharaman\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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