Standard Deduction For 2024 India

Standard Deduction For 2024 India. Also the tax slab limit for 5% tax rate was changed from rs 6 lakh to rs 7 lakh. Consultancy firm kpmg anticipates changes in the upcoming union budget, including doubling standard deduction to rs 1 lakh, increasing tax breaks.

Nirmala sitharaman’s budget 2024 raises standard deduction to rs 75,000 for salaried individuals and pensioners, and rs 25,000 for family pensioners. Increased tax slabs, increase in standard deduction, and increased deductions from pensions will bring relief expected to over 4 cr salaried individuals.