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Budget 2025: Is the government going to increase the standard deduction? – budget 2025 expectations for standard deduction nirmala sitharaman will make big announcements for taxpayers may hike standard deduction in union budget 2025
Currently, the standard deduction in the new income tax regime is Rs 75,000. The standard deduction in the old income tax regime is Rs 50,000. In the budget presented on July 23, 2024, Finance Minister Nirmala Sitharaman had increased the standard deduction to Rs 75,000 for taxpayers using the new income tax regime.
