Union Budget: Standard reduction increased from Rs. 50,000 to Rs. 75,000

Several benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Parliament on Tuesday.

IBNS • 23 Jul 2024, 10:55 am

The Finance Minister 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.