Budget 2024 announced a standard deduction of ₹75000 per year for salaried individuals who are new income taxpayers.
“I have two announcements to make for those opting for the new tax regime. First, the standard deduction for salaried employees is proposed to be increased from ₹50,000/- to ₹75,000/-. Similarly, the deduction on family pension for pensioners is proposed to be enhanced from ₹ 15,000/- to ₹ 25,000/-. This will provide relief to about four crore salaried individuals and pensioners,” said FM Sitharaman
Some of the expectations from the budget included doubling the standard deduction to ₹1 lakh, increasing tax breaks on interest paid on housing loans, and rationalising the capital gains tax regime.
