The Union Budget 2024-25 presented on July 23, 2024 set out a distinct futuristic vision for India, focusing on sectors, such as agriculture, employment, skilling, and urban development, among others.
The focus was on simplifying the tax law, ease of compliance, while also bringing about certainty.
In an effort to enhance the coverage of the new tax regime, the government increased the standard deduction on salary from ₹ 50,000 to ₹ 75,000, and on pension from ₹ 15,000 to ₹ 25,000. Along with a widened income tax slab, this will lead to a tax savings of ₹ 17,500.
Here are the six key takeaways from Budget 2024-25.
NPS Deduction At 14%
The Budget increased the employer’s contribution to the National Pension System (NPS) to 14 per cent of the salary at par with what is available to government employees. However, this is applicable only for those who have opted for the new tax regime.
This story is from the August 2024 edition of Outlook Money.
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This story is from the August 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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