Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to Rs 75000 in Budget 2024. Also, standard deduction limit for family pensioners have been hiked to Rs 25,000 from Rs 15,000
Presenting her seventh straight budget, the FM announced a hike in Standard Deduction to Rs 75,000 from Rs 50,000 and brought some changes to the tax slabs under the new tax regime. The government did not hike the basic tax exemption limits or introduce any new deduction benefits under the new tax regime, which has already been adopted by two-thirds of taxpayers.