Income Tax Standard Deduction 2024. A hike in standard deduction would mean more tax savings for salaried individuals and pensioners. From hiking the standard deduction limit to tweaking the income tax slabs, the taxpayers want budget 2024 to introduce measures that will ease their financial burden.

The withholding tax rate on mutual fund income for resident individuals has been set at 10%.however, if the annual income from mutual funds exceeds rs. Budget 2024 income tax changes: