2024 Standard Deduction. The standard deduction for salaried employees increased to ₹75,000 from the existing ₹50,000. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.
How much is the standard deduction for 2024? Finance minister nirmala sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000.
In A Major Relief For Working Professionals, Finance Minister Nirmala Sithraman Proposed That The Standard Deduction For Professionals Enrolled In The New Tax Regime Will Go Up From Rs 50, 000 To Rs 75, 000.
The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.
New Income Tax Slabs Introduced, Standard Deduction Up;
These measures are expected to provide substantial tax relief, potentially saving salaried individuals up to ₹17,500 annually.
2024 Standard Deduction Images References :
The Standard Deduction Of Rs 50,000 Is A Flat Deduction Available Under Both The Old And New Tax Regimes, To Individuals Earning Salary And Pension.
For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows.
Income Tax Slabs, Union Budget 2024 Live:
In a major relief for working professionals, finance minister nirmala sithraman proposed that the standard deduction for professionals enrolled in the new tax regime will go up from rs 50, 000 to rs 75, 000.
