Standard Deduction For 2024 Indian Income. Standard deduction increased to rs 75,000 to further ease the tax burden, the standard deduction under the new regime has been increased from rs. 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.

Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a.y.