The government has increased the Standard Deduction limit to Rs 75,000, allowing the salaried class to save up to Rs 17,500 in taxes under the new regime. This change, up from Rs 50,000, was widely anticipated, with hopes for a rise to Rs 1 lakh. Finance Minister Nirmala Sitharaman proposed raising the long-term capital gains tax from 10% to 12.5% in the Budget for 2024-25. A comprehensive review of the Income Tax Act has also been announced, aiming to simplify taxation norms and potentially provide further relief to taxpayers, enhancing their disposable income.
