Heddi Kristal

What Is The Standard Deduction For 2024 In India. Doubling the standard deduction limit and raising the basic exemption limit are amongst the key expectations from the government ahead of the full budget in july. Consultancy firm kpmg anticipates changes in the upcoming union budget, including doubling standard deduction to rs 1 lakh, increasing tax.

This simplified new regime introduced in 2020, comes without exemptions and deductions for corporate tax and personal income tax. Under the new tax regime, the personal income tax standard deduction will be increased from rs 50,000 to rs 75,000, and the deduction for family pensions will be.