Standard deduction
Regulation & taxA flat amount subtracted from salary income before tax, requiring no proof or investment.
In plain terms
Free money off your taxable income. ₹75,000 under the new regime, ₹50,000 under the old.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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New tax regime
Regulation & taxAlso called: Tax regime
India’s default income tax structure, with wider slabs, a larger standard deduction and almost no other deductions.
In plain terms
The fixed thali. Cheaper for most salaried people who do not have a home loan, and it needs no paperwork.