Union Budget 2024: Standard deduction for salaried individuals may increase to Rs 1 lakh Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and ...

The new tax regime also offers a higher standard deduction. Last year, it was raised from Rs 50,000 to Rs 75,000 for salaried ...

For example, a single person who earned $50,000 in 2025 receives a $15,000 standard deduction ... and alimony you’ve paid.

If you choose the new tax slab to pay income tax, then you will get the benefit of a standard deduction of Rs 75,000. On choosing the old tax regime, salaried taxpayers get only Rs 50,000 as a ...