2024 Social Security Tax Limit Increase In India. For 2024, an employer must withhold: It is anticipated that the government may raise the income tax exemption limit to rs 5 lakh from the current rs 3 lakh limit under the new tax regime in the upcoming budget.
In 2023, the limit was $160,200. The government has increased the deduction limit for the employer’s contribution to the national pension system (nps) from 10 percent to 14 percent.