What Is The New Standard Deduction For 2024. “for individuals with an annual income of up to rs 5 lakh, both regimes offer similar tax benefits due to the standard deduction under the old. Standard deduction limit hiked in the new tax regime to make the new tax regime more attractive, budget 2024 raised the basic exemption limit to rs 75,000 from rs 50,000 in the new tax regime.

The standard deduction for salaried employees is proposed to be increased from rs 50,000 to rs 75,000, said fm sitharaman. Finance minister nirmala sitharaman raises standard deduction by 50%, tweaks tax slabs to benefit salaried individuals in new regime.