Social Security Tax Limit 2024 Increase In India. The new tax regime offers a more straightforward structure with higher standard deductions, while the increased nps contribution limits aim to enhance social security. The budget 2024 has proposed to increase the 10% limit on employer contribution to employee’s nps account to 14% and the introduction of nps vatsalya for.
This move is designed to enhance social security benefits and make nps more attractive for employees in the private sector, public sector banks, and undertakings who opt for the. Budget 2024 announces new tax slabs under the new income tax regime.