New Delhi: In a significant move to provide tax relief, Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced several attractive benefits for salaried individuals and pensioners under the new tax regime while presenting the Union Budget 2024-25 in Parliament today.
Enhanced Standard Deduction for Salaried Employees
One of the key highlights of the budget is the proposed increase in the standard deduction for salaried employees. The Finance Minister has proposed to raise the standard deduction from ₹50,000 to ₹75,000. This measure aims to reduce the tax burden on salaried individuals, making more of their income tax-free and thereby enhancing their disposable income.
Increased Deduction on Family Pension for Pensioners
In addition to benefits for salaried employees, the budget also addresses the needs of pensioners. Smt. Sitharaman proposed an enhancement in the deduction on family pension from ₹15,000 to ₹25,000 under the new tax regime. This adjustment is designed to provide additional financial relief to pensioners who rely on family pensions as a primary source of income.
Impact on Salaried Individuals and Pensioners
These measures are expected to benefit approximately four crore salaried individuals and pensioners across the country. By increasing the standard deduction and enhancing the deduction on family pensions, the government aims to support the financial well-being of the middle class and senior citizens, thereby fostering economic stability and growth.