Finance Minister Nirmala Sitharaman, during her Union Budget 2024, announced significant changes to personal income tax rates and deductions. She said it will offer relief to millions of salaried employees and pensioners. 

She, in the Union Budget 2024 presentation, announced that the standard deduction for salaried employees will be increased from Rs 50,000 to Rs 75,000. She further stated that for pensioners, the deduction of family pension will rise from Rs 15,000 to Rs 25,000.