10 years of Narendra Modi government: How income tax rules have changed over the period

Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2024-25 to the Parliament on July 23. This Budget has been in high demand from individual taxpayers who have a long wish list of desired announcements on the personal tax front from the newly formed government. It is expected that the government may raise the income tax exemption limit. Key expectations include tax cuts for the middle class, rationalisation of tax brackets, raising the income tax exemption limit, revision of 80C deduction limit, increase in interest deduction limit (Section 24B) and 50% HRA for non-metro cities. Since the Narendra Modi government came to power in 2014, there have been numerous changes in the income tax laws over the last decade. Watch out for the major changes in income tax over the last ten years.