Standard Deduction Tax 2024. Fm sitharaman hiked the standard deduction by 50% to ₹ 75,000 and tweaked tax slabs under the new income tax regime. Standard deduction limit in new tax regime raised to rs 75,000 union budget 2024:

Your standard deduction is limited when someone else claims you as a dependent on their tax return. The budget 2024 announced a rs.25,000 hike in the standard.