Social Security Tax Limit 2024 Increase In India . Income between ₹ 2.50 lakh and ₹ 5 lakh of. For income between rs 2.5 lakh and rs 5 lakh, a 5% tax applies.
The tax rate u/s 112a has been increased from 10% to 12.5%. Furthermore, the proposal to increase the deduction of employer expenditure towards nps from 10% to 14% of the employee’s salary will improve social security benefits for the workforce.
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