Salt Tax Limits 2024 India. Section 115bac of the income tax act, introduced in the union budget 2020, offers a new tax regime with lower tax rates and reduced deductions. The monetary limits for filing appeals related to direct taxes, excise and service tax in high courts, supreme courts and tribunals has been increased to ₹ 60.
Members of congress are trying to uncap the salt deduction, and more than 20 states have found a way around the issue for some taxpayers. Fm announces revised tax rate under new tax regime, apart from the above slab revisions, the standard deduction from 50000 to 75000 for individuals opting for new tax regime.