Many middle-class taxpayers are eagerly awaiting the increase in the standard deduction and basic exemption limits in the Tax Cuts and Jobs Act of 2024. They hope that the changes will reduce their overall tax burden and allow them to keep more of their disposable income. Experts believe that such changes could have a significant impact on their financial stability, especially in the face of rising costs of living.
Read also: 2024 Budget Update Income Tax Changes
The increase in the standard deduction limit for hikers, the increase in the basic deduction limit under the new tax regime and the simplification of the capital gains tax structure are changes that taxpayers and experts are looking forward to as they have the potential to benefit the common man.
Stay tuned for important income tax-related announcements in Budget 2024.
