Standard Tax Deduction 2024 Indian Tax. Fm sitharaman hiked the standard deduction by 50% to ₹ 75,000 and tweaked tax slabs under the new income tax regime. For complete details and guidelines please refer income tax act, rules and notifications.

Finance minister nirmala sitharaman on tuesday increased the standard deduction for salaried individuals and pensioners. Standard deduction limit hiked in the new tax regime to make the new tax regime more attractive, budget 2024 raised the basic exemption limit to rs.