2024 Standard Deduction. — finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. The top marginal tax rate in tax year 2024, will remain at 37% for single individuals with incomes greater than $609,350.
Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. The budget expectations are high with wishlist from each sectors, and expectations for salaried taxpayers of substantial income tax relief with changes in the new income tax regime, standard deduction, and incentivising ease.
