Budget 2024 : Income tax slabs revised, standard deduction raised from Rs 50,000 to Rs 75,000 under the new tax regime

New Delhi : Finance Minister Nirmala Sitharaman has revamped the income tax slabs under the new tax regime and increased the standard deduction from Rs 50,000 to Rs 75,000, providing relief to salaried taxpayers and pensioners. However, under the old tax regime, the standard deduction will remain unchanged at Rs 50,000.
For family pensioners, the deduction will rise from Rs 15,000 to Rs 25,000 under the new regime. This change is expected to benefit four crore salaried individuals and pensioners, as announced in her Budget 2024 speech.