Standard Deduction For 2024 Tax Season. Finance minister nirmala sitharaman may double or at least increase the standard deduction for salaried individuals and pensioners under the new tax regime from rs 50,000. Know all the changes announced in the new tax regime from income tax.

The standard deduction for salaried employees increased to ₹75,000 from the existing ₹50,000. The government has increased the standard deduction limit to rs 75,000, allowing the salaried class to save up to rs 17,500 in.