Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1, 2024. While, it’s very likely that major announcements may hold off until after the 2024 Lok Sabha Elections. “The upcoming Union Budget presents an opportunity to address lingering concerns and set the stage for future economic growth. It is most likely that this budget would prioritise fiscal discipline and avoid populist measures,” said Archit Gupta, Founder, and CEO, of ClearTax.

However, there is optimism for potential relief in the realm of personal income tax, particularly in the New Tax Regime, Gupta added

The deduction limit under Section 80D for medical insurance premiums should be increased from ₹25,000 to ₹50,000 for individuals and ₹50,000 to ₹75,000 for senior citizens, reflecting rising healthcare costs.

“Extending Section 80D benefits to the new tax regime would promote equitable access to healthcare, said Archit Gupta.

Currently, 1% TDS is deducted on property purchases exceeding ₹50 lakh. 

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