Standard Deduction For 2024 Tax Year In India. Experts have called for a host of tax relief measures, one of which is the possibility of a reduction in standard deduction limit for taxpayers under the new tax. B) standard deduction of rs 50,000 is allowed on incomes from salary and pension.

Finance minister nirmala sitharaman has announced an increase in the standard deduction for salaried employees by ₹ 25,000. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.