Finance Minister, reduce the standard cut to Rs 1 lakh in the budget, inflation is killing everyone.

Budget: Finance Minister Nirmala Sitharaman will present the full budget in the Lok Sabha on 23 July 2024. There has been a demand that the government should provide tax exemption in this entire budget. All the companies and businessmen of the country are demanding to raise the standard tax exemption limit from Rs.50,000 to Rs.1 lakh. Consultancy firm KPMG is hopeful that the tax exemption limit for home loan interest will be raised to Rs 1 lakh in the full budget for the financial year 2024-25, which will be tabled in the Lok Sabha on July 23. The capital gains tax system will be increased and improved. The basic tax exemption limit in the budget should be Rs 5 lakh, according to a report issued by the consulting firm KPMG, and it has been said that medical expenses, fuel prices and inflation have increased sharply. In such a situation, the personal expenses of the common man have also increased significantly. People suffer from inflation. In view of rising inflation and commodity prices, the standard deduction is expected to be increased from Rs 50,000 to Rs 1 lakh. Under the new tax regime, the basic tax exemption limit is expected to be increased from Rs 3 lakh to Rs 5 lakh, so as to put more income in the hands of consumers, the statement said. Interest rate hike The statement said that interest rates have been increasing recently in relation to home loans. Due to regulatory reforms, pressure is increasing on the real estate industry. To mitigate these challenges and encourage home buyers, allowing exemption of interest on self-occupied home loan under the new tax regime or at least Rs. The government is considering increasing it to 3 lakhs. KPMG added: The capital gains tax system in India today is multi-tiered and has different rates for different types of assets. In such a scenario, there is hope to improve the capital gains tax system. Also Read: All India Federation of Tax Practitioners (AIFTP), a body of director tax professionals, has requested the government to reduce the income tax burden in the budget so that women taking health insurance should pay attention to avoid these diseases. The entire budget has appealed to reduce the income tax burden on the common citizen. AIFTP president Narayan Jain said the government should raise the income tax exemption limit to Rs 5 lakh. He said 10 percent tax should be levied on those with income between Rs 5 lakh and Rs 10 lakh, 20 percent tax on income between Rs 10 lakh and Rs 20 lakh, and 25 percent tax on income above Rs 20 lakh. Also Read: After Q1 results, IREDA shares soar, investors eyes The post Finance Minister, budget fixed deduction of Rs. 1 lakh, inflation is killing everyone.