Budget 2024 Updates On Income Tax. Budget 2024 should basic exemption limit to rs 3 lakh, say experts. 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.

The budget proposes to raise the contribution limit for employers in the private sector from 10% to 14% of the employee’s basic. Highlights include revised tax slabs, increased deductions, and simplified taxation.