Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget on July 23, 2024. The middle class in India is holding its breath, hoping for some relief in the income tax regime. The anticipation has been amplified by a flurry of memes and jokes circulating online, reflecting the anxieties of those who feel the pinch of taxes.
Many of these memes center around the “apprehensions” of the middle class regarding the impact of the budget on their income tax situation. Social media is abuzz with witty portrayals of the middle class’s expectations from Finance Minister Sitharaman. The expectations are clear: a desire for adjustments to income tax slabs, increased standard deduction limits, and other measures that could ease financial burdens.
The middle class has been grappling with a challenging economic environment marked by rising living costs and job market uncertainties. The hope is that the budget will address these concerns and offer much-needed respite.
It’s worth noting that the previous interim budget, presented in February 2024, did not include any major tax announcements. This further fuels the anticipation for significant tax relief measures in the upcoming budget.
As Ashish Aggarwal, Director at Acube Ventures, pointed out, the lack of changes in the interim budget has left salaried professionals feeling disappointed. He suggested that measures such as a higher standard deduction, increased housing loan interest exemptions, or adjustments to 80C instruments could have provided much-needed relief.
The upcoming budget is crucial for the middle class, and all eyes are on Finance Minister Nirmala Sitharaman to see if she will address their concerns and deliver on their expectations.
