Union Budget Likely To Offer Personal Income Tax Relief

in the July 2024 budget. The bold move to revamp the individual income tax regime comes at a time economic growth is expected to moderate to 6.4% in the current financial year, below the post-pandemic average of 8.3% seen in the preceding three financial years.

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Industry bodies Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry earlier this month called for income tax rate cuts to help increase the disposable incomes of individuals and boost household spending.

While stability in the tax regime is a virtue that the government prefers, modifying the new tax regime again after last year's revision, that too in the early years of its third term in office, shows the urgency to spark consumption demand.