Leesa Nananne

What Is Standard Tax Deduction For 2024 In India. The budget has widened two income tax slabs and increased the standard deduction from rs.50,000 to rs.75,000 under the new regime. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.

In a move aimed at boosting tax savings, the finance minister announced that the standard deduction limit under the new tax regime will be raised to rs 75,000 for the current financial year, as per et report. In the 2023 budget, finance minister nirmala sitharaman introduced a standard deduction of ₹ 50,000 for salaried taxpayers and for pensioners, under the new tax regime, which became the default.