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 Finance minister Nirmala Sitharaman has rejigged income tax slabs under the new tax regime and also raised the standard deduction under the new tax regime to Rs 75,000 from Rs 50,000, bringing cheer to salaried tax-payers as well as the pensioners.

The deduction, however, will remain unchanged at Rs 50,000 under the old tax regime. For family pensioners, the deduction will go up from Rs 15,000 to Rs 25,000 under the new regime.

This move will benefit four crore salaried individuals and pensioners, she said during her Budget 2024 speech. As a result, a salaried individual in the new tax regime stands to save Rs 17,500 in income tax," she said, adding that the government will have to forego revenue of Rs 29,000 crore in direct taxes.

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