Budget 2024: Standard deduction for salaried persons may rise to Rs 1 lakh

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Budget 2024: Standard deduction for salaried persons may rise to Rs 1 lakh - Business Standard

Quick Summary:

Is standard deduction applicable under the new tax regime?

The insurance industry has been pushing for an increase in this threshold, currently set at Rs 25,000 to Rs 50,000 for individuals and Rs 75,000 from existing Rs 50,000 for elderly people, Business Standard reported earlier.

A report shared by Moneycontrol on Thursday said Sitharaman could consider increasing the tax exemption limit to Rs 1 lakh, providing significant relief to taxpayers.