Standard Deduction For 2024 Income Tax. Tenants can deduct 30% as a standard deduction, paying tax on the remaining 70%. Finance minister nirmala sitharaman has announced an increase in the standard deduction for salaried employees by ₹ 25,000 in.

Make new tax regime the default tax regime for the assessee being an individual,. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;