Standard Deduction For 2024 Income Tax. Income tax slabs live updates: Standard deduction in the new tax regime will be increased from rs 50,000 to rs 75,000, finance minister nirmala sitharaman said tuesday as she announced the 2024 union.

You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind. Calculate exempt portion of hra, by using this hra calculator.