What Is The Standard Deduction For 2024. Your standard deduction — the amount you can use as a deduction on your 1040 tax return without itemizing — will also be higher. Currently, a standard deduction of rs 50,000 is applicable under both the old and new income tax regime.

Finance minister nirmala sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000. Union budget 2024 has announced various changes to the salary taxation in india.