Budget 2025: Why standard deduction should be hiked

Budget 2025 income tax expectations: Standard deduction is a flat deduction available on the salary income that helps reduce the taxable income of a taxpayer. Personal tax experts are of the view that since no major exemptions and deductions are available under the new income tax regime, there is a strong case to hike the standard deduction.

​Budget 2025 income tax expectations: Standard deduction is a flat deduction available on the salary income that helps reduce the taxable income of a taxpayer. Personal tax experts are of the view that since no major exemptions and deductions are available under the new income tax regime, there is a strong case to hike the standard deduction.