Salt Deduction Limit 2024 India. A $10,000 cap on deductions on federal returns for state and local taxes paid is set to expire at the end of 2025. Fm sitharaman increased the standard deduction limit from rs 50,000 to rs 75,000, she also introduced three new slabs under the new tax.

Experts argue that increasing the standard deduction limit from rs 50,000 to rs 1 lakh would effectively alleviate the tax burden on salaried taxpayers, potentially. Ted peterson of the university of north texas ryan college of business discusses the salt deduction cap and its potential paths forward as the 2025 sunset.