Budget 2024: FM Propose to Increase Standard Deduction under Income Tax Act for

In the Budget 2024, Finance Minister Nirmala Sitharaman proposed increasing the standard deduction for salaried employees under the Income Tax Act from ₹50,000 to ₹1 lakh. This move aims to provide relief to middle-class taxpayers and increase disposable income, potentially boosting consumer spending. The revised deduction will help offset the rising cost of living and make taxation more equitable. The change is expected to benefit a significant portion of the workforce, simplifying tax calculations and reducing tax liabilities.