The standard deduction limit may be increased to Rs 1 lakh in the budget, know the details here – ..

The government is considering increasing the limit of standard deduction under the new tax system. Finance Minister Nirmala Sitharaman may announce this in the first budget of her third term. The Finance Ministry may make this announcement after discussions at various levels and internal assessment of various departments of the government and the Prime Minister’s Office.
What is the standard deduction?
Standard deduction is a fixed amount that taxpayers can deduct from their taxable amount without providing proof of expenditure. It reduces the taxable income and thus reduces the total tax liabilities.
Current proposals and past budget measures
Finance Minister Nirmala Sitharaman had proposed a standard deduction of Rs 50,000 for salaried and pensioners under the new tax regime in the budget for the last fiscal year. The increase in the standard deduction limit may reduce the taxable income of all salaried taxpayers. The move is aimed at providing relief to people from rising expenses and economic challenges.
For the financial year ending March 31, 2024, the last date for individuals to file their income tax returns (ITR) is July 31, 2024. However, the process of filing ITR can be a bit tedious, especially for individual taxpayers who find it difficult to understand the various sections and things required to file their ITR.