Assessing impact of anticipated personal finance adjustments

The upcoming Union Budget in India, which is scheduled before the 2024 general elections, is expected to be an interim budget with no major announcements due to constraints imposed by the election commission. However, there are expectations for possible adjustments in tax slabs and rates, including a reduction in the highest tax rate and an increase in the threshold limit. Other potential changes include categorizing technology hubs as metro cities for House Rent Allowance calculations and facilitating tax payments directly from overseas bank accounts for non-residents. The budget is anticipated to focus on meeting current government expenditure until the new government takes office. Stakeholders hope for measures that alleviate the burden on taxpayers, promote saving and investing, and address concerns about inflation.

Go to original article source