Standard Deduction Limit 2024 India . Currently, a standard deduction of rs 50,000 is applicable under both the old and new income tax regime. Standard deduction in the new tax regime will be increased from rs 50,000 to rs 75,000, finance minister nirmala sitharaman said tuesday as she announced the 2024 union.
Experts argue that increasing the standard deduction limit from rs 50,000 to rs 1 lakh would effectively alleviate the tax burden on salaried taxpayers, potentially stimulating. The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50 lakh.
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