Standard Deduction 2024 Instructions. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. Federal tax brackets range from.
The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. For the 2023 tax year, which is filed in early 2024, the federal standard deduction for single filers and married folks filing separately was $14,600.