Standard Tax Deduction 2024 Indian Government. These tweaks will help salaried employees in the new tax regime save up to rs.17,500 (plus cess and surcharges, as applicable) in income tax, finance minister nirmala sitharaman said in her budget. The budget expectations are high with wishlist from each sectors, and expectations for salaried taxpayers of substantial income tax relief with changes in the new income tax regime, standard.
Consultancy firm kpmg is expecting the government to double standard deduction to โน 1 lakh keeping in mind the increase in personal expenditure. For salaried employees opting for new tax regimes, the standard deduction has been increased from โน50,000 to โน75,000.
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