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A flat deduction from salary or pension income that needs no proof of spending.
Every salaried employee and pensioner deducts ₹75,000 under the new regime or ₹50,000 under the old, without showing any expense. It comes off before the slabs are applied, which is why a salary ₹75,000 above the rebate limit can still pay no tax under the new regime.
It is not available against business or capital-gains income.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.