Deduction on family pension for pensioners to be enhanced from Rs 15,000 to Rs 25,000
FM Nirmala Sitharaman presented the Union Budget 2024. In the budget speech she said, "Coming to Personal Income Tax Rates, I have two announcements to make for those opting for the new tax regime. First, the standard deduction for salaried employees is proposed to be increased from ₹50,000/- to ₹75,000/-. Similarly, deduction on family pension for pensioners is proposed to be enhanced from ₹ 15,000/- to ₹ 25,000/-. This will provide relief to about four crore salaried individuals and pensioners."
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