When will the updated tax slabs, Standard Deduction, and NPS contribution limits reflect on employees' payslips?

A payslip provides a detailed breakdown of an employee's earnings, deductions, and net pay for a specific pay period. It includes components such as basic salary, allowances, bonuses, tax deductions, and contributions to retirement schemes like the National Pension System (NPS). 

The updated tax slabs, Standard Deduction, and NPS contribution limits will be reflected in the employees' payslips and payroll reports from August payroll 2024. The revised budget updates in the employees’ payslips allow them to assess the effect of these changes on their net income.

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