What is the Standard Deduction as per the revised budget changes for FY 2024-25?

Created by Product Content Team, Modified on Wed, 2 Jul at 9:41 AM by Product Content Team


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.


Looking for More Support?

Find answers and insights across our resources. Refer to our detailed Knowledge Base for in-depth articles, explore our practical video guides, and stay informed with our latest product updates.

 

Want to explore more features on greytHR? Talk to Us!  



Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article