Standard Deduction For 2024 Indian Income. Budget 2024 announced a standard deduction of ₹ 75000 per year for salaried individuals who are new income taxpayers. Consultancy firm kpmg is expecting the government to double standard deduction to ₹ 1 lakh keeping in mind the increase in personal.

Taxpayers under the new tax regime stand to gain from increased standard deduction limit to ₹ 75,000. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an.