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of <h1>Finance Bill 2024 proposes increase in salary deduction from 50,000 to 75,000 under Section 16, effective April 2025.</h1> Clause 10 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 16 of the Income-tax Act concerning salary deductions. The amendment introduces a proviso effective from April 1, 2025, which increases the deduction from fifty thousand rupees to seventy-five thousand rupees when income tax is computed under clause (ii) of sub-section (1A) of section 115BAC. This change will apply to the assessment year 2025-2026 and subsequent years, altering the computation of taxable income under the 'Salaries' head for eligible taxpayers.
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