Currently the limit for standard deduction is up to Rs 50,000.
Union Budget 2021: In the Budget 2021, the Ministry of Finance can announce a rebate of up to 80,000 rupees to taxpayers. CNBC-TV18 got information about this by quoting sources. The central government may increase the limit of standard deduction. Currently it is 50,000 rupees.
- Last Updated:January 27, 2021, 2:24 PM IS
Standard deduction is the amount of tax that is calculated after deducting taxable income from a person. In this way, that income decreases, on which tax has to be paid. Finance Minister Nirmala Sitamaran had added 3 tax slabs to the tax structure in the Budget 2020 to boost savings.