A Standard Deduction is a fixed amount of income that can be subtracted from an individual's total taxable income. This deduction reduces the amount of income that is subject to tax.
Under the New Tax regime for FY 2024-25, the Standard Deduction has been increased from ₹50,000 to ₹75,000. Individuals opting for the New Tax regime can reduce their taxable income by ₹75,000. This reduction may potentially lower their overall tax liability.
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