Union Budget expected to focus on increase in limits for basic tax exemption, standard deduction

The Union Budget is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, rationalisation of tax rates and certain social security investments. Currently, Section 16(1A) of the IT Act provides for a standard deduction of Rs 50,000 from the salary income of a taxpayer. This deduction was enhanced from Rs 40,000 to 50,000 by the Finance Act 2019 and has not been increased since then.

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