Union Budget 2024-23: While beginning the direct-taxes part of the Budget speech, Finance Minister Nirmala Sitharaman stated, “I take this opportunity to thank all the taxpayers of our country who have contributed and strengthened the hands of government in helping fellow citizens.”
Union Budget 2024-23 has nothing much for a common man to be thankful for, but at least there are no new taxes. In case taxpayers realize that they owe more to the government than mentioned on the Income Tax Return of a particular year then they can use ‘Updated Returns.
‘In the case of mistake happened in estimating the due tax payment then taxpayers can file an ‘Updated returns’ in the two years of the assessment year.
With an increase in direct tax collections, the common man had expected a rise in basic exemption limit or increase in the standard deduction for the salaried class, or even a slight hike in the exemption limit of the allowances for the salaried class, but none came.
Money received by a person towards expenses for Covid treatment or money received as compensation on death (up to Rs 10 lakh and received within 12 months) shall be exempted fully from tax.
