New Tax Rebate 2024 2024. The standard deduction for salaried employees is proposed to be increased from rs 50,000 to rs 75,000, said fm sitharaman. Budget 2023 proposes to increase the rebate limit to 7 lakh in the new tax regime.
This means that taxpayers can avail a tax rebate of up to rs 25,000. Individuals with a taxable income of up to rs.7 lakh may be eligible for a rebate equivalent to their payable income tax on taxable income or rs.25,000, whichever is lower.