Current Standard Deduction 2024 Olympics. The budget introduces personal income tax relief for four crore salaried and pensioners under the new tax regime, with the standard deduction increased to ₹75,000 from ₹50,000. How much is the standard deduction for 2024?

In the 2023 budget, finance minister nirmala sitharaman introduced a standard deduction of ₹ 50,000 for salaried taxpayers and for pensioners, under the new tax regime, which became the default. The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.