Nirmala Sitharaman’s Budget 2024 raises standard deduction to Rs 75,000 for salaried individuals and pensioners, and Rs 25,000 for family pensioners. This increases tax savings and reduces taxable income. Originally introduced in 1961, reintroduced in 2018, and last increased in 2019, it replaces medical reimbursement and transport allowance. Claim via income tax return.
