10 Years Of Narendra Modi Government: How Income Tax Rules Changed In This Period

The Finance Minister Nirmala Sitharaman will present the Union Budget for Financial Year 2024-25 in Parliament on July 23rd. This Budget holds significant interest for individual taxpayers, who have a long wish list of desired announcements on the personal tax front from the newly formed government. It is anticipated that the government may raise the income tax exemption limit. Key Expectations include Tax cuts for the middle class, Rationalization of tax slabs, Raising the income tax exemption limit, Revision of the 80C deduction limit, Increase in interest deduction limit (Section 24B) and 50% HRA for non-metro cities. Since the Narendra Modi government came to power in 2014, numerous changes have been made to income tax rules over the past decade. Watch major income tax changes in the last ten years.