Standard deduction for salaried taxpayers hiked to ₹75,000 from ₹50,000

While presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman announced the increase of standard deduction for salaried taxpayers to ₹75,000. The increased deduction is applicable for taxpayers under the new regime, she said. Standard deduction was reintroduced in the 2018 Union Budget at ₹40,000 and was raised to ₹50,000 in 2019. It had remained unchanged since then.