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Standard Deduction to New Tax Regime

02 February 2023

"FM proposed to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of ₹15.5 lakh or more will thus stand to benefit by ₹52,500"

is standard deduction is available for only those person whose gross salary is more than 15.5 Lakh?

If not, if my gross salary is Rs. 7.5 Lakhs then will my tax liability Zero as per New Tax Regime?

Expert please clarify, everyone is confused

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9 Replies

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 02 February 2023

Standard deduction is available irrespective of salary range for new tax regime also as per Budget 2023.

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Naman Mamania (22 Points)
Replied 03 February 2023

Gross salary income upto 7.5L is tax free
50k Standard deduction (included)

1 Like

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 03 February 2023

Gross salary is not relevant but Gross total income is relevant for 7Lacs

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Mahesh Shah (2308 Points)
Replied 03 February 2023

As per wordings....only 15.5 plus will get standard deduction.....yet to conform fine print when released to be reffered

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 04 February 2023

Standard deduction of Rs 52500 allowed only in new tax regime if salary is more than Rs 15.5 lakhs

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Mahesh Shah (2308 Points)
Replied 08 February 2023

Clarification......standard deduction of 50000 in new tax regime to be allowed to all salary earning irrespective of income of 15.5 plus or less....pl reffer memorandum of finance bill 23

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