Oasdi Income Limit 2024. Under the old tax regime, a resident individual taxpayer (whose net income is up to rs 5 lakh) can avail rebate under section. The maximum social security employer contribution will increase by $520.80 in 2024.
The wage base or earnings limit for the 6.2% social security tax rises every year. As finance minister nirmala sitharaman is scheduled to present the union budget.
The government has increased the standard deduction limit to rs 75,000, allowing the salaried class to save up to rs 17,500 in taxes under the new regime.this change, up from rs 50,000, was widely anticipated, with hopes for a rise to rs 1 lakh.
For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).
The wage base or earnings limit for the 6.2% social security tax rises every year.
One of the expectations is the inclusion of section 80c exemption under the new income tax regime.
