Standard deduction increased from ₹50,000 to ₹75,000, salaried people can save up to ₹17,500 annually
GN Bureau | July 23, 2024
Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by finance minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in Parliament on Tuesday.
She proposed to increase the standard deduction for salaried employees from ₹50,000 to ₹75,000. Also, deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000 under the new tax regime. This will provide relief to about four crore salaried individuals and pensioners.
Sitharaman proposed to revise the tax rate structure in the new tax regime, as follows:
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As a result of these changes, a salaried employee in the new tax regime stands to save up to ₹ 17,500 annually in income tax.
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