Budget 2024: Salaried Class Seek Tax Reforms, HRA Relief, and EV Incentives
Payrollers are anticipating the release of the FY25 Budget by Finance Minister Nirmala Sitharaman with great anticipation, as they hope significant tax reforms will alleviate financial burdens. According to a Deloitte report, the salaried class is advocating for a reorganization of tax slabs, incentives for purchasing electric vehicles (EVs), adjustments to housing rent allowance (HRA) rates, and a greater emphasis on affordable housing. Calls for Tax Regime Parity The recently introduced personal tax system underwent revisions with the introduction of the Budget 2023. Specifically, the basic exemption threshold was raised from Rs 2.5 lakh to Rs 3 lakh, while the surcharge on revenues beyond Rs 5 crore was reduced from 37% to 25%. These changes were…