2024 Standard Tax Deduction
Tax experts believe that standard deduction for fy25 should be hiked to rs 1 lakh from the current rs 50,000 or made. The finance minister in her interim budget 2024 speech has not announced any change in the standard deduction limit which is allowed as a tax break to salaried.
The deduction set by the irs for the 2024 tax year is as follows: The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if youโre filing as head of household), $27,700 for married taxpayers, and slightly more if.