Income Tax Standard Deduction For Ay 2024-25 2024. The indian income tax act provides for various deductions under sections 80c to 80u, which can be claimed by an individual or a business entity while calculating. Yes, standard deduction of rs.50,000 or the amount of salary, whichever is lower, is available for both.

Income tax department > tax tools > tax calculator. The indian income tax act provides for various deductions under sections 80c to 80u, which can be claimed by an individual or a business entity while calculating.