According to the concerned circles, in this year's budget, the Union Finance Minister can increase the standard deduction limit to one lakh rupees.
New Delhi: Finance Minister Nirmala Sitharaman will present the first full budget of the Modi 3.0 government this month. Although the official date has not been announced, it is believed that he will announce the full budget on 23 or 24 July 2024. There is much anticipation and speculation about the benefits that the new budget may announce for taxpayers. One of the expectations is an increase in the standard deduction limit. The standard deduction of Rs 40,000 per year for salaried employees has been brought back in the 2018 budget. Later in the interim budget of 2019, that limit was increased to 50 thousand rupees. Since then there have been demands to increase the standard detection at various times. But Sitharaman did not accept that demand.
According to the concerned circles, in this year's budget, the Union Finance Minister can increase the standard deduction limit to one lakh rupees. What is the standard deduction? The standard deduction is a flat deduction for salaried individuals. No one needs to submit any proof to claim this tax exemption. Employees of all public and private sector get this discount. Standard deduction was under the old tax regime till the financial year 2022-23. However, from 2023-24 it has also been added to the new tax regime. Standard deduction is available not only from salary but also from pension income. Provided that the pension received is chargeable under the head of income from salary. which is not covered by income from other sources. If it is a family pension after the death of the pension recipient, the amount received by the recipient is chargeable under the head income from other sources.
Economic analysts believe that the standard deduction should be increased to make the standard deduction more useful and help save. Because of that, there is a possibility that the government may increase the standard deduction.
New Delhi: Finance Minister Nirmala Sitharaman will present the first full budget of the Modi 3.0 government this month. Although the official date has not been announced, it is believed that he will announce the full budget on 23 or 24 July 2024. There is much anticipation and speculation about the benefits that the new budget may announce for taxpayers. One of the expectations is an increase in the standard deduction limit. The standard deduction of Rs 40,000 per year for salaried employees has been brought back in the 2018 budget. Later in the interim budget of 2019, that limit was increased to 50 thousand rupees. Since then there have been demands to increase the standard detection at various times. But Sitharaman did not accept that demand.
According to the concerned circles, in this year's budget, the Union Finance Minister can increase the standard deduction limit to one lakh rupees. What is the standard deduction? The standard deduction is a flat deduction for salaried individuals. No one needs to submit any proof to claim this tax exemption. Employees of all public and private sector get this discount. Standard deduction was under the old tax regime till the financial year 2022-23. However, from 2023-24 it has also been added to the new tax regime. Standard deduction is available not only from salary but also from pension income. Provided that the pension received is chargeable under the head of income from salary. which is not covered by income from other sources. If it is a family pension after the death of the pension recipient, the amount received by the recipient is chargeable under the head income from other sources.
Economic analysts believe that the standard deduction should be increased to make the standard deduction more useful and help save. Because of that, there is a possibility that the government may increase the standard deduction.
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