The Indian stock market seems to be on a bullish run, with record after record and constant achievement of new milestones. The Nation’s key stock market index, the Nifty, traded over 24,000 for the first time on Thursday, June 27. Picking up from where it left off, Nifty touched 24,100 points, a new record feat in the market and also for the budget. Signs of this confidence include higher economic growth, favorable economic indicators, increased foreign direct investment flows, policy certainty, and favorable forecasts.
The opportunity to invest in sector-specific sectors still exists as investors wait for the Union Budget 2024-2025 to present a distilled outcome of the fiscal performance. Experts in the field of financial analysis and advisory services have also presented the stock recommendations they have put forward, some of which are L&T, HAL, Titagarh Rail Systems Ltd, HUDCO, IREDA, and BHEL.
As proposed in the Union Budget 2023, there were some modifications to the new personal tax structure, including the basic exclusion ranging from Rs 2. Reduced income tax slabs brought down the taxes for individuals with an income range of Rs 5 lakh to Rs 3 lakh, and the surcharge for assesses with income over Rs 5 crore was also diminished from 37 % to 25%. Such changes were intended to introduce certain attractiveness to the new tax system, and the rates of the old tax system have not been altered. Thus, the need to bring massive changes in the slab of the old income tax regime becomes the need of the hour.
There are speculations that the government might increase the tax-free income limit to Rs 5 lakh from existing Rs 3 lakh in new tax slabs in the Budget session. Since the new tax regime has become the baseline, people expect that this raise in the exemption limit will also apply to those who continue choosing the old tax regime and make it equivalent to the new one. Likewise, if the standard deduction of Rs 50,000 at present is raised more, it would also benefit the taxpayers.
The trend in the rental market has rebounded in India’s largest cities and, as stated earlier, soared by more than 30% year on year in 2023.
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