BY A STAFF REPORTER: Standard deduction is the most commonly used tax deduction. Salaried class taxpayers know about this because direct money is saved. You don't have to invest to save money. The pay class expects the standard deduction to be increased in a considerable period of time. Almost five years have passed since the standard deduction was revised. The last time the standard deduction was changed was in 2019. Budget 2024 will be only an interim budget and the finance minister has already said that there will be no major announcements in the budget. It is being heard that the government may increase the standard deduction to Rs 90,000 in the budget.
Budget 2024: Govt to make big announcements for salary classes
The government is expected to make a big announcement for salary classes in the 2024 budget.