Income Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayers?

It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000?

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