Standard Tax Deduction 2024 India. The budget 2024 announced a rs.25,000 hike in the standard deduction under the new regime. Under the new tax regime, the personal income tax standard deduction will be increased from rs 50,000 to rs 75,000, and the deduction for family pensions will be raised.
Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. From hiking the standard deduction limit to tweaking the income tax slabs, the taxpayers want budget 2024 to introduce measures that will ease their financial burden.
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