Highlights

  • Changes to tax slabs are deemed unlikely for the salaried class: Report
  • Experts suggest that the government may announce measures aligned with its commitment to simplifying tax payments

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Expectations include an announcement on facilitating tax payments and refunds to overseas bank accounts in Budget 2024

Budget 2024: From tax process to overseas refunds, here's what salaried class looks forward

In the annual Union Budget presentation, the eagerly awaited announcement revolves around income tax relief for individual taxpayers, especially the salaried class. As the government gears up to present an Interim Budget preceding the Lok Sabha elections this year, there is heightened anticipation for relief measures targeting individual taxpayers. Finance Minister Nirmala Sitharaman is set to present the Interim Budget on February 1.

Diverging from a comprehensive budget, an Interim Budget, also known as a Vote on Account, may not feature substantial or lucrative announcements. Minister Sitharaman has already clarified that the budget is unlikely to include any "spectacular" announcements, acknowledging that it will primarily serve as a vote on account to cover government expenditures until a new government assumes office, given the election context.

While alterations to tax slabs are considered improbable, the government may focus on initiatives aligning with its commitment to simplify tax payment processes. Experts suggest the potential introduction of an e-verification process for tax returns and compliance forms, such as Form 67.

Implementing such a move would necessitate addressing various constraints, including the requirement for net banking/demat facilities, digital signatures, and Aadhaar OTP for e-verification. Special provisions may also be necessary for non-resident taxpayers to facilitate e-verification from abroad, potentially streamlining paperwork and administrative tasks.

Anticipated announcements in Budget 2024 include facilitating tax payments and refunds to overseas bank accounts, addressing current limitations that restrict these transactions to Indian banks only.

Another expectation is a possible increase in the standard deduction by the government. The standard deduction, reintroduced in 2018 with a limit of ₹50,000, may see an adjustment to ₹100,000, addressing concerns about its adequacy in light of rising living costs and inflation.


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