2024 Standard Tax Deduction Amounts. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. The budget has widened two income tax slabs and increased the standard deduction from rs.50,000 to rs.75,000 under the new regime.
The standard deduction amounts in 2023 & 2024, & what percent of taxpayers claim standard vs itemized deductions. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;
2024 Standard Tax Deduction Amounts Images References :
