Ufas 2024 Standard Deduction. The budget introduces personal income tax relief for four crore salaried and pensioners under the new tax regime, with the standard deduction increased to ₹75,000. Standard deduction under new tax regime to rs 75,000 proposed.

The standard deduction, which is available to salaried income taxpayers and pensioners, allows individuals to deduct a fixed amount from their taxable income without the need to provide proof of. In a bid to make the new tax regime more lucrative, the fm proposed to hike the standard deduction limit to rs 75,000 from earlier rs 50,000, exclusively under the new tax regime.