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Income Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayers?

It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000?

Kuldip kumarAkhil chandnaAdhil shettyThornton bharatDeepashree shettyNirmala sitharamanRitika nayyarSandeep jhunjhunwalaNangia andersenTax regulatory servicesSinghania coMainstay tax advisorsUnion budgetFinance minister nirmala sitharamanRegulatory servicesGrant thornton

State of the Market | Asian Legal Business

The pandemic might be (almost) over, but the sense of unease remains strong in Asia’s legal industry. While life might have returned to normal, and supply chains appear back on track, the region is continuing to experience uncertainty over slowing global economic momentum, tightening monetary policy affecting credit growth, and lingering concerns about inflation. China’s seemingly irreversible economic decline is also hanging heavy.

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Food Fight: Zomato may be looking at minimum 3 yrs of litigation over Rs 400 crore GST notice, say experts

ince there is no settlement commission in GST, both taxpayers and the revenue department would have to slug it out in the courts, where it’s unlikely to be resolved at the lower levels as substantial monies are at stake.

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SEBI board gives nod to small & medium REITs, defers decision on delisting norms

SEBI board gives nod to small & medium REITs, defers decision on delisting norms
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

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SEBI proposes 4-month cool-off period for trading plans - The Hindu BusinessLine

SEBI proposes 4-month cool-off period for trading plans - The Hindu BusinessLine
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

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