Standard Deduction For 2024 India

Standard Deduction For 2024 India.  — standard deduction in the new tax regime will be increased from rs 50,000 to rs 75,000, finance minister nirmala sitharaman said tuesday as she announced the. Also the tax slab limit for 5% tax rate was changed from rs 6 lakh to rs 7 lakh.

 — in the interim budget of february 2019, the standard deduction limit was set at rs 50,000, but it was restricted to the old tax regime. 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.