2024 Social Security Tax Limit Increase In India
2024 Social Security Tax Limit Increase In India. But the deduction is applicable only in the new tax regime, while its limit remains unchanged in the old tax regime. The union budget for the year 2024 announced a significant increase in the deduction allowed on employers' contributions to employees' nps.
The oasdi tax rate for wages paid in 2024 is set by statute at 6.2 percent for employees and employers, each. But the deduction is applicable only in the new tax regime, while its limit remains unchanged in the old tax regime.