How Much Is The Standard Deduction For 2024. For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
Budget 2024 has made changes in the deductions in the new tax regime. Standard deduction of rs 40,000 per year for salaried individuals was reintroduced in budget 2018, replacing two earlier deductions—travel allowance (rs 19,200) and medical deduction (rs.
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