Budget 2022-23: Standard Income Tax deduction may rise by 30-35%: In the next Union Budget 2022-23, salaried taxpayers may have something to look forward to. According to sources, the government may hike the Rs 50,000 standard deduction ceiling for salaried taxpayers and pensioners by 30-35 per cent.
Industry groups have proposed the modification, and authorities from the finance ministry are considering it. It should be highlighted that those who choose the new taxation regime will not be able to take advantage of the standard deduction.
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