The standard deduction was last revised nearly five years ago, in 2019. In the upcoming Interim Budget 2024, middle-class taxpayers are hopeful that the government will introduce tax incentives.

You need to report the income earned between April 1, 2023, and March 31, 2024, during the fiscal year 2023–24. The filing of returns and declaration of investments for tax assessment occurs in the Assessment Year (AY), the reviewing year for FY 2023–2024.