Inflation Reduction Act Updates 2024au. The standard deduction can be increased to rs 1 lakh per annum. The timeline provides clarity to consumers and businesses, that, beginning january 1, 2023, will be able to access tax benefits from many of the law’s climate.
Inflation for fiscal 2024 stood at 5.4 per cent, at par with the central bank’s forecast. The rbi left the inflation aim for fiscal 2025 unchanged at 4.5 per cent.