2024 Standard Deduction Amount In India. Standard deduction of rs 40,000 per year for salaried individuals was reintroduced in budget 2018, replacing two earlier deductions—travel allowance (rs. The standard deduction for salaried employees, enrolled under the next tax regime, too, has been increased to ₹75,000 from the current.

The standard deduction was hiked from rs 50,000 to rs 75,000. The budget 2024 announced a rs.25,000 hike in the standard deduction under the new regime.