Standard Deduction
Definition
A flat deduction of ₹75,000 from salary/pension income for salaried individuals and pensioners, available under the New Tax Regime (AY 2024-25 onwards). Also ₹50,000 under the Old Tax Regime.
In Context
Under the New Tax Regime: ₹75,000 standard deduction for salaried and pensioners. Under the Old Tax Regime: ₹50,000. No itemized deductions (80C, 80D, etc.) are allowed under the New Regime apart from this. Self-employed and business owners do NOT get standard deduction.
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