Standard Deduction in New Tax Regime EXPLAINED
Standard Deduction in New Tax Regime introduced from FY 2023-24 onwards. You get flat deduction of Rs. 50,000 in both old and new tax regimes..
standard deduction limit
What is Standard Deduction for Salaried Employees
Standard Deduction limit is Rs. 50,000 for 2023-24. Example: Gross income = Rs. 6,00,000, Std Deduction = Rs. 50,000, Taxable Income = Rs. 5,50,000..