2024 Standard Tax Deductions 2024. The difference between standard and itemized deductions, and what they mean. The budget 2024 announced a rs.25,000 hike in the standard deduction under the new regime.
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 limit for salaried and pensioners hiked to rs 75,000 from rs 50,000.