Indian government considers raising tax-exempt limit on savings account interest income to Rs 25,000.

Budget 2024 Income Tax Expectations: The Indian government is considering a proposal to raise the tax-exempt limit on interest income from savings accounts to Rs 25,000. Banks proposed the change in a recent meeting with finance ministry officials, arguing for deposit incentives amid concerns about the widening credit-deposit ratio. A final decision will be made closer to the budget announcement.