Budget 2024 income tax expectations: Modi government may lower personal tax rates, says report – top 5 points

Budget 2024 income tax expectations: The Modi government is mulling over the possibility of reducing personal tax rates for specific groups of individuals, according to two government sources who spoke to Reuters. This move has the potential to stimulate consumption in India, which is the third-largest economy in Asia.
The sources, who requested anonymity due to the confidential nature of budget discussions, indicated that the plan might be unveiled in July when Finance Minister Nirmala Sitharaman presents the first Union Budget following the Modi 3.0 government.

Budget 2024 Income Tax Expectations

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Although the Indian economy expanded at an impressive 8.2% in 2023-24, consumption growth has been only half that rate. During his claim to form the National Democratic Alliance-led government, Prime Minister Modi had stated that his administration would prioritize increasing middle-class savings and enhancing their quality of life, the Reuters report said.