Finance Minister Nirmala Sitharaman's presentation of the Interim Budget 2024 on February 1, 2024, brought a wave of disappointment for many as the income tax slab rates remained unchanged for both the new and old tax regimes. Sitharaman emphasized that residents can continue to enjoy tax-free earnings up to Rs 7 lakh.
While the budget featured various announcements with potential impacts on the lives of citizens, the attention of the majority was fixated on the absence of alterations in income tax rates. In her Union Budget 2023 presentation, Sitharaman had declared the new tax regime as the default option, allowing taxpayers the choice to adhere to the previous tax regime if preferred.
The revelation about the unchanged income tax rates triggered a flood of reactions on social media, particularly from salaried employees who expressed their disappointment through a myriad of memes. Some humorously lamented, stating, "kuch nhi badla" (nothing has changed). The sentiment was encapsulated by others using hashtags such as #incometax and #Budget2024, accompanied by memes illustrating the cyclical nature of earning income, paying taxes, and receiving a seemingly insignificant return in the form of a small bell.
The Internet's response, characterized by humor and shared understanding among taxpayers, reflected the significance of income tax considerations in the annual budget discourse and the immediate impact on individuals' financial expectations.
