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of <h1>Union Budget 2024-25 boosts tax deductions: Standard deduction u/s 16 to Rs. 75k; Section 57 to Rs. 25k.</h1> The Union Budget 2024-25 proposes amendments to increase deductions for taxpayers under the new tax regime. For salaried taxpayers, the standard deduction under section 16 will increase from fifty thousand to seventy-five thousand rupees. For family pension income, the deduction under section 57 will rise from fifteen thousand to twenty-five thousand rupees. These changes aim to incentivize taxpayers to adopt the new tax regime and will be effective from April 1, 2025, applicable to the assessment year 2025-26 onwards.
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