Income Tax Standard Deduction 2024 In India. Deduction on employer's nps contribution for private sector employees hiked to 14% from 10%. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a.y.
An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. Finance minister nirmala sitharaman on tuesday hiked standard deduction by 50 per cent to rs 75,000 and tweaked tax slabs under the new income tax.