Budget 2025 income tax: Why standard deduction should be hiked under new tax regime

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Times of India 1d ago

Budget 2025 income tax: Why standard deduction should be hiked under new tax regime - Times of India

Quick Summary:

Budget 2025 income tax expectations: Standard deduction is a flat deduction available on the salary income that helps reduce the taxable income of a taxpayer.

Personal tax experts are of the view that since no major exemptions and deductions are available under the new income tax regime, there is a strong case to hike the standard deduction.

In Budget 2024, FM Sitharaman announced a hike of Rs 25,000 in standard deduction from Rs 50,000 to Rs 75,000 under the new income tax regime.