2024 Standard Tax Deduction Amount 2024

2024 Standard Tax Deduction Amount 2024

So far, around 60 million people have filed their returns for. In a bid to give a boost to salaried taxpayers, finance minister nirmala sitharaman on tuesday increased the standard deduction limit from 50,000 to 75,000.

Whether to take the standard deduction or itemize your deductions is an important decision you’ll make. Standard deduction of rs 40,000 per year for salaried individuals was reintroduced in budget 2018, replacing two earlier deductions—travel allowance (rs.