2024 Standard Deduction Mfs . Income tax budget 2024 live update: Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.
A standard deduction of rs 50,000, which previously applied to the old tax regime, has been incorporated in the new tax regime. The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household.
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