2024 Standard Tax Deduction Amounts

2024 Standard Tax Deduction Amounts. A standard deduction of ₹ 75000 per year for salaried individuals was announced in budget 2024 for new income taxpayers. There are seven federal tax brackets for tax year 2024.

Here is a look at the deductions offered under the new tax regime as of 2024. For taxable years beginning in 2024, the additional standard deduction amount under § 63(f) for the aged or the blind is $1,550.