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Standard Deduction For 2024 For Seniors In India. 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. The budget introduces personal income tax relief for four crore salaried and pensioners under the new tax regime, with the standard deduction increased to ₹75,000.

For salaried employees opting for new tax regimes, the standard deduction has been increased from ₹50,000 to ₹75,000. The pensioners can claim a standard deduction of rs 50,000 from their salary/pension income under the new income tax regime, according to budget 2023.