Under the revised New Tax Regime introduced in the Union Budget 2024-25, which of the following statements accurately describes the changes made to the tax slabs and standard deduction?

Options:

• A: The standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000, and the tax rate for income between Rs 6 Lakh to Rs 9 Lakh is reduced to 5%.
• B: The standard deduction remains Rs 50,000, but the tax-free income limit has been raised to Rs 5 Lakh.
• C: The standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000, and the tax rate for income between Rs 3 Lakh to Rs 7 Lakh is 5%.
• D: The standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000, and the tax slabs have been revised such that income up to Rs 3 Lakh is nil, Rs 3-7 Lakh is 5%, and Rs 7-10 Lakh is 10%.

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