Budget 2024 Expectations: What Salaried Employees Anticipate

As the Centre prepares to present the Budget 2024-25 next month, salaried employees and various stakeholders are looking forward to favorable announcements from Finance Minister Nirmala Sitharaman. Here are the key expectations:

Income Tax Relief

• Tax Adjustments: Employees expect adjustments in income tax slabs under the old regime or an increase in the tax exemption limit under the new regime, benefiting various income groups.
• Targeted Tax Relief: Potential introduction of new tax brackets for specific groups, especially those with higher spending, is anticipated.

Reduction of Tax Burden

• Lower Income Tax: India Inc. has urged the government to reduce the income tax burden on common people.
• Capital Expenditure: Calls for increased capital expenditure and steps to control food inflation have been made.

8th Pay Commission and Old Pension Scheme

• 8th Pay Commission: Formation of the 8th Pay Commission is expected to address salary adjustments.
• Old Pension Scheme: Employees hope for the restoration of the old pension scheme (OPS) and scrapping of the new pension scheme.

Infrastructure Development

• Economic Growth: Industry leaders emphasize the need for more infrastructure development to maintain economic growth.

Employment and Social Benefits

• Filling Vacancies: Immediate filling of existing vacancies in central government departments and PSUs is expected.
• MGNREGA: Expansion of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) to provide 200 days of work per family and linking agriculture and allied sector works to MGNREGA.
• Health Benefits: Demand for health benefits for all persons above 60 years of age, with contributory coverage of Rs 5 lakh annually.

Summary

Salaried employees are looking forward to significant tax relief, the formation of the 8th Pay Commission, the restoration of the old pension scheme, increased capital expenditure, and improvements in employment and social benefits. The upcoming budget will play a crucial role in addressing these expectations and sustaining economic growth.