23/7/2024, 12:45:05 pm

Standard deduction hiked to Rs 75000 from Rs 50000 in new tax regime

Finance minister has announced to hike to standard deduction in new tax regime hiked to Rs 75000A hike in standard deduction would mean more tax savings for salaried individuals and pensioners. The standard deduction has been hiked for the first time after five years. Last time, the standard deduction was hiked to Rs 50,000 in interim budget 2019 (effective from April 1, 2019).