📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    What is the standard deduction allowed on income from

    salaries under New Tax regime of Income Tax as announced in the Union Budget 2024-25?
    A Rs.40,000 Correct Answer Incorrect Answer
    B Rs.50,000 Correct Answer Incorrect Answer
    C Rs.60,000 Correct Answer Incorrect Answer
    D Rs.75,000 Correct Answer Incorrect Answer
    E Rs.85,000 Correct Answer Incorrect Answer

    Solution

    The salaried individuals and pensioners can claim a certain amount under standard deduction under Income Tax Act, by default without any investment or spending of money by the taxpayers. The provision was taken down for a number of years and was re-introduced during the Budget announcement in 2018.  With effect from FY 2024-25, under the  new tax regime , the standard deduction is increased to  Rs.75,000 , while salaried taxpayers are eligible for the standard deduction of only Rs.50,000 under the old regime.

    Practice Next
    More Accounts Questions

    Relevant for Exams:

    ask-question