2024 Tax Standard Deduction Amount. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; Personal income tax slabs revised, standard deductions hiked finance minister nirmala sitharaman stated in her address that because of the changes, salaried individuals stand to save.
Who can claim (1) (2) (3) against ‘salaries’ 16(ia) standard deduction [rs. Additionally, taxpayers need not submit any disclosures or investment proofs to avail of this deduction.
Finance Minister Has Announced A Hike In The Standard Deduction Amount In New Tax Regime Hiked To Rs 75000 In Budget 2024.
Currently, a standard deduction of rs 50,000 is applicable under both the old and new income tax regime.
Standard Deduction Limit In New Tax Regime Raised To Rs 75,000 Union Budget 2024:
Nirmala sitharaman on tuesday announced that the standard deduction limit under the new tax regime has been revised to rs 75,000 from the existing rs 50,000.
2024 Tax Standard Deduction Amount Images References :
The Existing Provision Of Clause (Ia) Of Section 16 Of The Act Provides That A Deduction Of Fifty Thousand Rupees Or The Amount Of The Salary, Whichever Is Less, Shall Be Made Before Computing The Income Under The Head.
The standard deduction of rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.
There Has Been No Update On The Standard Deduction Amount In Budget 2024.
Additionally, taxpayers need not submit any disclosures or investment proofs to avail of this deduction.