Income Tax Standard Deduction 2024. This article summarizes income tax rates, surcharge, health & education cess, special rates, and rebate/relief applicable to various categories of persons viz. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.

Section 206aa mandates a higher tds rate if a recipient. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a.y.