Standard Deduction For 2024 . The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%. The budget introduces personal income tax relief for four crore salaried and pensioners under the new tax regime, with the standard deduction increased to ₹75,000.
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). Finance minister nirmala sitharaman announced an increase in the standard deduction for salaried individuals from ₹50,000 to ₹75,000 in budget 2024, offering further relief to.
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