Standard Rate Cut Off 2024. The government has increased the standard deduction limit to rs 75,000, allowing the salaried class to save up to rs 17,500 in taxes under the new regime. From hiking the standard deduction limit in the new tax regime to tweaking tax slabs to simplifying capital gains tax โ budget 2024 has changed a host of tax rules that will impact.
The rate of the universal social charge (usc) has been reduced for the first time in five years, from 4.5% to 4%, in budget 2024. Certain income tax credits will increase as follows with effect from 1 january 2024:
