Union Budget 2024: Government Proposes Hike in Tax Deduction on Family Pensions to Rs 25,000

In accordance with the Interim Budget announcement from February, Union Finance Minister Nirmala Sitharaman revealed that the government plans to raise the tax deduction limit on family pensions for pensioners from Rs 15,000 to Rs 25,000.

Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.#Budget2024WithPTI

— Press Trust of India (@PTI_News) July 23, 2024

Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000, said FM. FM Sitharaman said,  "With a three fold increase in domestic production and almost 100 fold jump in exports of mobile phones. Over the last six years, the Indian mobile industry has matured in the interest of consumers.

The Union Budget is an annual financial statement presented by the central government, detailing its proposed expenditures and revenues for the upcoming fiscal year, from April 1, 2024, to March 31, 2025. The Budget reviews the government's achievements from the past financial year and sets out goals, allocations, and plans for the year ahead, aiming to address policy needs and financial requirements.