What Is Standard Deduction For 2024 India. Prominent tax and consultancy firm ey has presented a case for doubling the standard deduction under the concessional tax regime to rs 1 lakh or increasing the basic. For salaried employees opting for new tax regimes, the standard deduction has been increased from ₹50,000 to ₹75,000.
Finance minister nirmala sitharaman on tuesday increased the standard deduction for salaried individuals and pensioners from rs 50,000 to rs. Currently, central government employees enjoy a deduction of up to 14% of salary while private sector employees enjoy only up to 10%.