Standard Deduction For 2024 India. Consultancy firm kpmg anticipates changes in the upcoming union budget, including doubling standard deduction to rs 1 lakh, increasing tax breaks. Finance minister nirmala sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000.

Standard deduction in the new tax regime will be increased from rs 50,000 to rs 75,000, finance minister nirmala sitharaman said tuesday as she announced the. Also the tax slab limit for 5% tax rate was changed from rs 6 lakh to rs 7 lakh.