What was the new standard deduction set for salaried person under the new income tax regime, in the Union Budget 2024-25?

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OSSC Excise SI (Mains) Official Paper (Held On: 17 Oct, 2024 Shift 1)
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  1. ₹65,000
  2. ₹95,000
  3. ₹58,000
  4. ₹75,000

Answer (Detailed Solution Below)

Option 4 : ₹75,000

Detailed Solution

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The correct answer is ₹75,000.

Key Points

  • The new standard deduction for salaried persons under the Union Budget 2024-25 has been set at ₹75,000.
  • This adjustment is aimed at providing more financial relief to salaried individuals by reducing their taxable income.
  • The increase in the standard deduction is expected to enhance the disposable income of salaried employees.
  • This change is part of the government's efforts to simplify the tax regime and make it more beneficial for the middle-class segment.

Additional Information

  • Standard Deduction
    • Standard deduction is a fixed amount that reduces the income on which you are taxed, rather than going through the hassle of itemizing deductions.
    • It simplifies the process of filing tax returns and ensures that taxpayers receive a basic tax-free income.
  • Union Budget
    • The Union Budget is the annual financial statement presented by the Government of India, detailing the revenue and expenditure for the next fiscal year.
    • It includes various policies, schemes, and financial plans that the government intends to implement during the year.
  • Income Tax Regime
    • The income tax regime refers to the set of rules and regulations governing the taxation of income for individuals and businesses.
    • It includes various deductions, exemptions, and tax rates applicable to different categories of taxpayers.
  • Taxable Income
    • Taxable income is the portion of your income that is subject to income tax after accounting for all deductions and exemptions.
    • It is the amount on which the government calculates the income tax you owe.
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