2024 Tax Standard Deduction In 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 2024 union. On top of these exemptions, a standard deduction of 50,000 is available in both old and new regimes.
Salaried employees (under the new tax regime) will save up to rs. For complete details and guidelines please refer income tax act, rules and notifications.