Standard deduction have been hiked and rates of new income duty crossbeams have been blazoned by the Union Finance Minister Nirmala Sitharaman while presenting her seventh successive Union Budget on Tuesday, which will lay a roadmap for ‘ Viksit Bharat ’ by 2047.
After presenting the Budget, Finance Minister Sitharaman will address a press conference along with the Minister of State for Finance, Pankaj Chaudhary, Finance SecretaryT.V. Somanathan, registers of the Ministry of Finance, and Chief Economic AdviserV. Anantha Nageswaran on Tuesday autumn.
Standard deduction hike, changes in income duty rates In the Union Budget 2024, the limelight was on changes in the income duty crossbeams, rates, and standard deduction to profit taxpayers. The standard deduction is profited by salaried income taxpayers and pensioners.
It's a fixed quantum that salaried workers can abate from their taxable income without furnishing evidence of charges. presently, it'sRs. 50,000. It's proposed to increase to Rs 75,000. An increase in the standard deduction will be a relief for taxpayers as affectation has increased, raising the cost of living. Regarding income duty rates, FM proposes new crossbeams.