How Much Is The Standard Deduction For 2024 In India. Finance minister nirmala sitharaman announced changes to the new income tax regime during the union budget 2024 presentation, providing some relief to taxpayers. Taxpayers can now choose to pay income tax at lower rates under the new tax regime slabs on the condition that they withdraw from being considered for specific exemptions and deductions available.

A subsequent move in budget 2023 extended this benefit to taxpayers opting for the new income tax regime as well. From hiking the standard deduction limit to tweaking the income tax slabs, the taxpayers want budget 2024 to introduce measures that will ease their financial burden.