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The Government has formally clarified that salaried employees opting for the new income tax regime will be entitled to a standard deduction of Rs 75,000 from April 1, 2026, under the New Income Tax Bill, 2025. The clarification, also incorporated into the existing Income Tax Act, 1961, aims to remov
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FAQ :
Salaried employees opting for the new income tax regime will be entitled to a standard deduction of £75,000 from April 1, 2026.
This provision will apply from Financial Year 2026-27 onwards.
Under the old tax regime, the standard deduction remains at £50,000 or the amount of salary, whichever is lower.
Yes, the amendment aligns tax benefits for contributions to the Unified Pension Scheme (UPS) with those for the National Pension System (NPS), ensuring equal tax treatment.
The New Income Tax Bill, 2025, aims to replace the Income Tax Act, 1961, with a clearer framework to simplify tax compliance and resolve interpretation disputes.
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