India's Finance Minister increases standard deduction limit to Rs 75,000 for new tax regime in Union Budget 2024-25.

India's Finance Minister Nirmala Sitharaman announced in the Union Budget 2024-25 a significant increase in the standard deduction limit to Rs 75,000 for the new tax regime, marking the first increase in standard deduction in five years. The standard deduction for family pensioners has also been increased to Rs 25,000. The changes in the FY25 Budget are expected to save salaried employees under the new tax regime up to Rs 17,500 in taxes annually.

July 23, 2024
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