Standard Deduction 2024 Head Of Household In India

Standard Deduction 2024 Head Of Household In India. In a bid to give a boost to salaried taxpayers, finance minister nirmala sitharaman on tuesday increased the standard deduction limit from 50,000 to 75,000. The standard deduction of rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.

Standard deduction in the new tax regime will be increased from ₹ 50,000 to ₹ 75,000, finance minister nirmala sitharaman said tuesday as she announced the 2024 union. The higher standard deduction of rs.75,000 means anybody with an annual income of rs.7.75 lakh will not have to pay any tax.