What Is The Standard Deduction For 2024 Taxes In India. Income tax slabs 2024 highlights: C) deduction on employer's contribution to nps account is available up to 10% of basic salary (14% for government employees).

Currently, a standard deduction of rs 50,000 is applicable under both the old and new income tax regime. B) standard deduction of rs 50,000 is allowed on incomes from salary and pension.