2024 Tax Rates And Standard Deduction Under. It is important to know that the hiked standard deduction limit is only for taxpayers opting for the new income tax regime. Nirmala sitharaman on tuesday announced that the standard deduction limit under the new tax regime has been revised to rs 75,000 from the existing rs 50,000.
Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. From hiking the standard deduction limit to tweaking the income tax slabs, the taxpayers want budget 2024 to introduce measures that will ease their financial burden.