Budget 2024-25: Standard Deduction increased from Rs 50,000 to Rs 75,000

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, proposes an increase in the standard deduction for salaried employees from ₹50,000 to ₹75,000, and for pensioners, the family pension deduction is raised from ₹15,000 to ₹25,000. This aims to provide tax relief to approximately four crore salaried individuals and pensioners under the new tax regime. Additionally, the tax rate structure in the new regime is set to be revised to further benefit taxpayers.