2024 Tax Rates And Standard Deduction In India. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. From april 1, 2024, the new tax regime allows standard deduction of rs 75,000 from salary and pension income and section 80ccd (2) deduction up to 14% on basic salary for.

An announcement to increase the standard deduction amount under the new tax regime and the standard deduction limit for family pensioners was made in the. The union budget 2024 came to a close with finance minister nirmala sitharaman announcing a revised tax structure under the new tax regime.