Budget 2024: FM Propose to Increase Standard Deduction under Income Tax Act for Salaried Employees [Read Bill]

The proposed change will provide relief to about four crore salaried individuals
By Yogitha S. Yogesh - On July 23, 2024 2:01 pm - 2 mins read
Budget 2024 - Budget - Finance Minister - Nirmala Sitharaman - salaried employees tax changes - tax deduction for salaried employees - taxscan

The Union Finance Minister ( FM ) Nirmala Sitharaman presented the full-budget 2024 today before the parliament at 11 am. In regard to Personal Income Tax Rates, the FM announced the proposal to increase the standard deduction under the Income Tax Act, 1961 for salaried employees from ₹50,000/- to ₹75,000/-. The standard deduction for salaried employees…

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