New Standard Deduction For 2024. 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. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing some financial relief for those who spend their own.
Under the new tax regime, the personal income tax standard deduction will be increased from rs 50,000 to rs 75,000, and the deduction for family pensions will be raised from rs 15,000 to rs 25,000. There are different surcharge rates for different ranges of taxable income under the new and old tax regime.
New Standard Deduction For 2024 Images References :